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9.1. We also notice from the annual reports that the assessee has shown 'contract receipts' only in the P & L account. Development of project and sale of apartments were not reflected as such. The plans placed on record indicate that the plans are approved in the name of Alluri Gangaraju owner ITA.No.273, 393, 394 & 395/Hyd/2011 M/s. Jayadarshini Housing P. Ltd. Hyderabad.

thereon. So the development agreements and sale agreements require verification to determine that assessee has developed the 'project'. Another issue required to be examined is the exclusion of 'common area' and 'car park' area from the built- up area. As per the plan on record, total common area is 27.39% including car park area. However, assessee excluded both independently. Assessee has shown sixty five car parking areas at 306 sq. feet each in the table furnished (at page 19, 20 of paper book) to the CIT(A). The entire car park area, if totaled comes to more than the stilt area approved in the plan (i.e., 121.03 sq. meters). Therefore, we are of the opinion that the CIT(A) erred in allowing the proportionate allowance without subjecting the details furnished to verification. It is also noticed that assessee claimed deduction of Rs.1,88,00,917/- in A.Y. 2005-06 whereas, profit as per P & L account was only Rs.1,15,99,172/-. Likewise, in A.Y. 2006-07 assessee claimed deduction of Rs.45,64,600/- on a profit of Rs.3,35,30,385/-. The actual profit working of the project, excluding other real estate transactions is not on record as copy of 3CB reports were not placed in paper books. This also requires verification. Therefore, we set aside the orders of authorities on the issue and restore the issue of claim of 80IB afresh to the file of A.O. to examine the eligibility and determine the amount of profit, if assessee is found eligible for deduction under section 80IB. Assessing Officer is directed to examine above aspects by giving due opportunity to the assessee and decide afresh after ascertaining the facts and according to law. The grounds of Revenue in both appeals are allowed for statistical purposes.