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2016 (7) TMI 381 - AT - Income TaxDeduction u/s.80IB(10) - denial of the claim of deduction u/s.80IB(10) by the AO mainly for the reason that the assessee was not the owner of the land and the permission for the construction was not obtained by the assessee and the risk and reward of the project was not of the assessee - Held that:- We find that the ld.CIT(A) after considering the submissions of the assessee and after perusing the Development Agreement has given a finding that the assessee has practically purchased the land and bore the entire cost and risk for developing the project, had invested in the cost of land and had acquired dominant control over the land. She has further given a finding that the assessee has fulfilled all the required conditions laid down u/s.80IB(10) of the Act for claiming the deduction in the light of the decision of Tribunal in the case of M/s.Shakti Corporation (2008 (11) TMI 436 - ITAT AHMEDABAD ). Before us, Revenue has not placed on record any contrary binding decision in its support nor could controvert the findings of the ld.CIT(A). In view of the aforesaid facts, we find no reason to interfere with the order of the ld.CIT(A). Thus, this ground of Revenue is dismissed. - Decided in favour of assessee
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