Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings

IT : Assistant Commissioner without considering material on record, could not reject assessee's claim for deduction holding that condition prescribed under section 80-IB(10) which required a minimum of one acre land for development was not satisfied
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[2014] 52 taxmann.com 48 (Cochin - Trib.)
IN THE ITAT COCHIN BENCH
P.V. Hemalatha
v.
Assistant Commissioner of Income-tax*
N.R.S. GANESAN, JUDICIAL MEMBER
AND CHANDRA POOJARI, ACCOUNTANT MEMBER
IT APPEAL NO. 215 (COCH.) OF 2014
[ASSESSMENT YEAR 2009-10]
AUGUST  1, 2014
Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Housing projects of) - Whether where Assistant Commissioner without considering material on record, rejected assessee's claim for deduction holding that condition prescribed under section 80-IB(10) which required a minimum of one acre land for development was not satisfied, matter was to be remanded back for disposal afresh - Held, yes [Paras 3 and 7] [In favour of assessee/Matter remanded]