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2015 (2) TMI 257 - HC - Income TaxEligibility to deduction under Section 80IB(10) - Assessee is not a developer, but only a builder - Held that:- For the purpose of claiming deduction, it is not necessary that the assessee, who is engaged in the business of developing and construction of housing project, should be the owner of the land. See CIT Chennai. Versus M/s. Ceebros Property Development (P) Ltd [2012 (12) TMI 296 - MADRAS HIGH COURT] - Decided in favour of assessee. Car park area exclusion from built up area of the residential unit for the purpose of computing deduction under Section 80IB(10) - Held that:- there is no justification in including the car park in the definition of the built-up area of the residential unit for the purpose of determining the maximum built-up area. In such view of the matter, we are inclined to accept the reasoning of the Commissioner of Income Tax (Appeals) drawing support from the Tamil Nadu Apartment Ownership Act, 1994, which was confirmed by the Tribunal. Accordingly, the second substantial question of law is answered against the Revenue and in favour of the assessee.- Decided in favour of assessee.
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