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2015 (7) TMI 199 - AT - Income TaxDeduction u/s 80IB(10) - Held that:- Issue is now fully covered in favour of the assessee for grant of deduction u/s 80IB(10) of the IT Act because the assessee has acquired dominant right over the land and has developed the housing project by incurring all the expenses and taking all risks involved thereof. The crux of the matter would be that assessee has acquired the land in question and has developed the housing project at its own cost as per the requirement of section 80IB (10) of the IT Act. Therefore, we are of the view the assessee would be entitled for deduction u/s 80IB (10) of the IT Act As regards alternate contention of the assessee with regard to pro rata deduction, the issue is already decided in favour of the assessee in the case of M/s. Amaltas Associates (2011 (1) TMI 934 - ITAT, AHMEDABAD) by following the decision of ITAT Nagpur Bench in the case of AIR Developers (2008 (5) TMI 333 - ITAT NAGPUR), therefore, the authorities below should not have rejected the claim of the assessee at least on alternate contention that the assessee would be entitled for deduction u/s 80IB (10) of the IT Act on pro rata basis. However, we have held that the extension of the 4 units is not done by the assessee and that open area is not part of balcony/verandah, therefore, according to the submission of the assessee, the built up area of the assessee was within the prescribed limit, therefore, there is no need to give further finding with regard to alternate claim of the assessee. Considering the facts of the case in the light of the above decisions, we are of the view the issue is fully covered in favour of the assessee. We are of the view that assessee fulfilled the conditions and requirements of section 80IB (10) therefore, the claim of the assessee for deduction should not have been denied by the authorities below. We direct the AO to grant deduction to the assessee u/s 80IB (10) of the IT Act as claimed by the assessee. - Decided in favour of assessee.
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