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2013 (7) TMI 8 - AT - Income TaxDeduction u/s. 80IB denied - as per AO assessee is not owner of the land on which he has claimed the deduction of business income - assessee's submitted that there is no requirement of ownership of land for claiming the deduction u/s. 80IB(10) as assessee fulfills all the conditions mentioned in the Act for claiming deduction - CIT(A) allowed the claim - Held that:- As during the appellant proceeding CIT(A) after going through the agreement for development, found that assessee was de facto owner of the land and assessee had full freedom to develop the plot in the manner he desired. He had also undertaken the entire task of development, construction and sale of the housing units to be located on the land being developed by him. The assessee had taken financial risk of developing the project as the investment in purchasing the land in the name of the society was also made by the assessee. The assessee was enrolling the members, receiving the contributions and the price of the unit was also decided by the assessee. All these activities of the assessee show that the profit as well as loss would have accrued to the assessee only. Thus CIT(A) has rightly held that the assessee was entitled for deduction u/s. 80IB(10) following the decision of Gujarat High Court in case of Radhe Developers and Others [2011 (12) TMI 248 - GUJARAT HIGH COURT]. Revenue's appeal is dismissed.
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