COMMISSIONER OF INCOME TAX Vs. SAHAJANAND ASSOCIATES

JUDGEMENT

(1.) THESE appeals were admitted by a common order dated April 6, 2009, along with other appeals. The following two common questions were famed in all appeals:

(2.) WHETHER , on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in allowing deduction under section 80 -IB(10) read with section 80 -IB(1) to the assessee on profit derived from sale of unutilized FSI not being the element of profits derived from the business activity of development and construction of the housing project relating to the sale of tenements -

(3.) SUCH question came to be considered in a recent judgment dated March 5, 11, 2014 (CTT v. Moon Star Developers : [2014] 367 ITR 621 (Guj.)). The court made the following observations (page 638):