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2013 (11) TMI 1745 - AT - Income TaxDetermination of a project as "Housing project" u/s-80-IB(10) - Approval of Project and Completion date as per Sec-80-IB(10) - Project undertaken a "works contract" - Undertaken "Contract risk" or "Investment risk" - HELD THAT:- the project was considered to be an housing project, which is within the ambit of section 80IB(10) of the Act. Therefore, Court did not find any infirmity in the order of the ld. CIT(Appeals) on this issue and the ground raised by the Revenue stands dismissed. The method adopted by the assessee is according to his business convenience and in our opinion, the housing project is on the size of plot of land having more than 1 acre and therefore, on this account, the benefit available under section 80IB(10) cannot be denied and the ld. CIT(Appeals), after discussing in detail has held that the housing project constructed by the assessee is in 1 acre of land and we find no reason to interfere with the order of the ld. CIT(Appeals). Accordingly, the issue raised by the Revenue stands dismissed. The project executed by the assessee was not of the nature of works contract and the assessee undertook investment risk. The ownership is not an essential condition to get the benefit under section 80IB(10). In this case, the assessee being a developer as well as builder is entitled for deduction under section 80IB(10) of the Act. The decision in this case of CIT v. Vandana Properties [2012 (4) TMI 54 - BOMBAY HIGH COURT] CTR 258 & CIT v. Sanghvi and Doshi Enterprise 255 CTR (Mad) 156 [2012 (12) TMI 84 - MADRAS HIGH COURT] were followed. In the result, the appeal filed by the Revenue and the Cross Objection filed by the assessee are dismissed.
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