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2014 (4) TMI 30 - HC - Income TaxDisallowance of deduction u/s 80IB(10) of the Act Works contractor - Development and construction of housing project - Whether the Tribunal is right in upholding the decision of CIT(A) of deleting the additions made on account of disallowance of deduction claimed u/s.80IB(10) of the IT Act Held that:- The decision in Commissioner of Income-tax Versus Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] followed - 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 - from the terms and conditions that the assessee had taken full responsibilities for execution of the development projects and have not acted only as a works contractor. For the purpose of income derived from such property, the assessee would be the owner of the land for the purpose of the Act - the title in the land had not yet passed on to the assessee - the Tribunal committed no error in holding that the assessees were entitled to the benefit u/s 80IB(10) of the Act even where the title of the lands had not passed on to the assessees and in some cases, the development permissions may also have been obtained in the name of the original land owners thus, the assessees were entitled to the benefit u/s 80IB(10) even where the title of the lands had not passed on to the assessees and in some cases, the development permissions may also have been obtained in the name of the original land owners Decided against Revenue.
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