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2012 (8) TMI 66 - AT - Income TaxAllowing the deduction u/s.80IB(10) - not granted approval by the local authority to carry on the business of an undertaking developing and building housing projects - Held that:- The issue is restored back to his file to look into the agreement entered into by assessees with the landowner and decide whether the assessee has in fact purchased the land for a fixed consideration from the landowner and has developed the housing project at its own cost and risks involved in the project - in case the AO finds that the Developer has acted on behalf of the landowner and has got the fixed consideration from the landowner for the development of the housing projects, the assessee should not be allowed deduction u/s.80IB(10) - it has to be ascertained whether it was a “work contract” or a “Development Contract - in favour of revenue for statistical purposes.
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