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2016 (3) TMI 1085 - AT - Income TaxEligibility of deduction u/s.80 IB (10) - whether deduction was allowable if the profits were derived from the business of developing and construction of residential unit, that there was no requirement in the provision that the assessee carrying on the said business should also on the plot of land? - Held that:- As decided in case of Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT ] The provisions nowhere require that only those developers who themselves own the land would receive the deduction u/s.80-IB(10) of the Act. Neither the provisions of section 80-IB nor any other provisions contained in other related statutes demonstrate that ownership of the land would be a condition precedent for developing the housing project. Such requirement cannot be read into the statute because there is nothing in section 80-IB(10) of the Act requiring that ownership of the land must vest in the developer for him to be able to qualify for such deduction. Moreover, the term “developer” has been understood in common parlance as well as in the legal sense as carrying a much wider connotation. It is well settled that while interpreting a statute, particularly, a taxing statute, nothing can be read into the provisions which has not been provided by the Legislature. A condition which is not made part of section 80-IB(10) of the Act, namely, that of owning the land which the assessee develops, cannot be supplied by any purported legislative intent. Respectfully following the above, we decide the effective ground of appeal against the revenue.
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