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2016 (10) TMI 923 - AT - Income TaxEligibility of deduction under section 80IB(10) - requirement of ownership of the land to qualify for deduction u/s 80IB(10) - Held that:- As decided in in the case of CIT Vs. Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT ] for developing housing project, it is not necessary that the assessee to be owner of the land. Similarly, it was not necessary that approval should be in the name of assessee. If assessee has borne risk and reward of the contract, then, it will be a project of the assessee. We find that ld.AO, in the reasons extracted supra, has primarily rejected the claim of the assessee that it was not owner of the land, and it has not conceptualized the projects. Both these conditions have been considered by the Hon’ble Court and decided against the Revenue. Therefore, in our opinion, the issue on merit is directly covered by the decision of the Hon’ble High Court, and the assessee is entitled for deduction under section 80IB(10) of the Act. We allow appeal of the assessee, and direct the AO to grant deduction under section 80IB(10) of the Act. - Decided in favour of assessee
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