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2013 (10) TMI 281 - HC - Income TaxDeduction u/s 80IB of the Income Tax Act - Housing project - Joint development agreement - whether for the purpose of benefit under Section 80IB (10) of the Act, the assessee could be considered as the owner of the land in question. - Held that:- ssessee had undertaken the development of housing project at its own risk and cost. The land owner had accepted only the full price of the land and nothing further. The entire risk of investment and expenditure was that of the assessee. Resultantly, profit and loss also would accrue to the assessee alone. Reliance has been placed upon the judgment in the case of Mysore Minerals Ltd. vs. Commissioner of Income Tax [1999 (9) TMI 1 - SUPREME Court], the ownership has been understood differently in different context - For the limited purpose of deduction under Section 80IB(10) of the Act, the assessee had satisfied the condition of ownership - Assessee was given full rights to develop the land by putting up the housing project at its own risk and cost. Entire profit flowing therefrom was to be received by the assessee. It is true that the agreement provided that the assessee would receive remuneration - Agreement was one of works contract - Assessees were entitled to the benefit under Section 80IB(10) of the Act even where the title of the lands had not passed on to the assessees – Decided against the Revenue.
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