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2011 (12) TMI 356 - ITAT, AHMEDABADAddition - Deduction u/s 80-IB - it was submitted by the learned Departmental Representative that there is no definition of work contract in IT Act and hence, guidelines can be imported form other statute - the appellant vide his written submissions and also by way of arguments during the assessment of hearing put forth the claim that they are actually developers and builders - If the developer has acted on behalf of the landowner and has got fixed consideration from the landowner for the development of housing projects, the assessee should not be allowed deduction under s. 80-IB(10) - AO's reliance on cl. 15 of the development agreement (quoted above) to say that the appellant is not a developer is misplaced. In fact, the said clause makes it amply clear that the entire financial risk and the surplus or deficit in the venture shall rest with the appellant - If the assessee is eligible for profit and loss and not for a fixed amount then it cannot be said to be a works contract - Appeal is dismissed
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