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2020 (7) TMI 400 - MADRAS HIGH COURTDeduction u/s 80IB(10) - Whether ITAT is correct allowing claim to assessee land owner when it had not incurred any expenses towards development or construction of the housing project ? - HELD THAT:- As relying on M/S. BASHYAM CONSTRUCTIONS P LTD. [2019 (2) TMI 906 - MADRAS HIGH COURT], SANGHVI AND DOSHI ENTERPRISE [2012 (12) TMI 84 - MADRAS HIGH COURT], RADHE DEVELOPERS [2011 (12) TMI 248 - GUJARAT HIGH COURT], M/S VEENA DEVELOPERS [2015 (5) TMI 193 - SUPREME COURT] Tribunal merely stated that no expenses were recorded in the P & L account. Therefore, the contention advanced by the Revenue in this regard is not tenable. That apart, a plain reading of Section 80IB(10) of the Act evidently makes it clear that deduction is available in a case where an undertaking develops and builds a housing project. The Section clearly draws the distinction between 'developing' and 'building'. In the preceding paragraphs, we have noted the factual position as could be culled out from the joint venture agreement, which clearly shows that the assessee is the developer and M/s.ETA is the builder and mutual rights and obligations are inextricably linked with each other and undoubtedly, the project is a housing project thereby, the assessee would be entitled to claim deduction under Section 80IB (10) - Decided against revenue.
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