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2012 (7) TMI 88 - HC - Income TaxDenial of grant of benefit of Section 80IB(10) as the assessee has not built the housing project - joint development agreement - assessee firm is engaged in the business of development and construction of residential flats - Held that:- Considering the procedure adopted is that assessee in turn entered into a joint development agreement with the builder and the owner of the land was made a party to the said proceedings, thus the assessee contributed to the land, undertook the aforesaid developmental activities in the said land and thus, complied with all other conditions, which have to be fulfilled before claiming benefit under Section 80IB(10) - as the builder has invested the money in the construction, it is after completion of the building in terms of the agreement, the assessee was given 22% share of the building area. It is after sale of the built area, in terms of Section 80IB (10), the assessee is claiming deduction - it is clear from the joint development agreement, the undertaking of developing and building housing project was jointly undertaken by the assessee and the builder the persons who undertook this undertaking are entitled to the benefit of Section 80IB(10) in proportion to the share to which they are entitled to in the built up area - against revenue.
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