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2013 (11) TMI 61 - AT - Income TaxWhether legal title necessary for the developer to get the benefit of deduction u/s 80IB of the Income Tax Act - Deduction u/s 80IB of the Income Tax Act – Held that:- As per the development agreement and facts of the case, the assessee had taken full responsibility for execution of the said development project. The assessee has been given full authority for execution of the said development project including development of the land and construction of residential units. The assessee had engaged professionals such as architect for designing architectural work. The assessee had also enrolled the members and collected the consideration from the buyers of the residential units. The assessee had also paid cost of the land to the Societies including stamp duty and had taken possession of the land for construction of the project. As per the decision of the Hon'ble Gujarat High Court in the case of Radhe Developers, supra, the legal title is not required for getting benefits u/s 80 IB (10) of the Act. The assessee was deemed owner of the land u/s 2 (47) of the Act. The assessee had borne all the cost of construction including materials and the receipt was not fixed for the contractor. The assessee is a developer and builder of housing project – Decided against the Revenue.
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