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2012 (12) TMI 17 - AT - Income TaxDeduction u/s 80IB - Real Estate Developers - dis-allowance on ground that land is not owned by the assessee-firm and approval of the local authority was also not in the name of assessee-firm - Held that:- CIT(A) deleted dis-allowance placing reliance on decision in case of Radhe Developers (2011 (12) TMI 248 - GUJARAT HIGH COURT) wherein it was held that Section 80IB(10) provides for deductions to an undertaking engaged in the business of developing and constructing housing projects under certain circumstances. It does not provide that the land must be owned by the assessee seeking such deductions - Revenue’s appeal is dismissed. Deduction u/s 80IB - dis-allowance of deduction on account of sale of bricks, sale of bitumen, Miscellaneous income - assessee contending the same to be in the form of sale of scrap generated during the manufacturing process - Held that:- Issues of sale of brick and sale of bitumen are remitted back to the file of AO except miscellaneous income to examine whether sale of brick and sale of bitumen is a trading activity or sale of scrap after examining these aspects. AO may decide afresh - Decided in favor of assessee for statistical purposes.
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