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2015 (3) TMI 456 - HC - Income TaxEntitlement to deduction under Section 80IB(10) - assessee had failed to fulfill the primary condition in relation to the size of area of 1 acre plot for each housing plot as laid down in the statute - ITAT allowed the claim - Held that:- On facts, we find that there is no dispute in the approval granted by the CMDA in respect of the composite housing scheme. When the Legislature introduced 100% deduction under the Income Tax Act, it was known that the local authorities could approve a housing project to the extent permitted under the Development Control Rules. When the project fulfils the criteria for being approved as a housing project, then, deductions cannot be denied under Section 80IB(10) of the Act, merely because the assessee had obtained separate plan permits for the six blocks. If the conditions specified under Section 80-IB are satisfied, then deduction is allowable on the entire project. Since the project was approved in accordance with Development Control Rules, the assessee would be entitled to 100% deduction on the entire project approved by the Local Authority. See (Commissioner of Income Tax V. Shantiniketan Property Foundation (P) Limited [2015 (3) TMI 452 - MADRAS HIGH COURT] - Decided in favour of assessee.
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