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2014 (5) TMI 228 - HC - Income TaxEligibility for the benefit u/s 80IB(10) of the Act - Held that:- Following Commissioner of Income-tax Versus Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] - Both the CIT (A) as the Tribunal was of the view that the risks and costs relating to the project were on the assessee and not on the owner of the land - the assessee had full authority and responsibility to develop the housing project by not only putting up the construction but by carrying out various other activities including enrolling members, accepting members etc. - the risk element was entirely that of the assessee - the deduction u/s 80IB(10) is available to an assessee who is engaged in the business of developing and building a housing project. Prescribed limit exceeded or not - Whether part of the approved project pertaining to Villas or Bungalows exceeded the prescribed limit in Built-up Area – Held that:- Both the CIT(A) and Tribunal was of the view that four row houses have been built upon the area exceeding 1500 sq.ft, were not part and parcel of the housing project, for which the deduction was claimed and that the assessees had not claimed deduction for those four Bungalows - the claim of the assessees for the buildings other than the four row houses was in consonance with the condition stipulated in Section 80IB (10) of the Act – no substantial question of law arises for consideration - Decided against Revenue.
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