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2017 (3) TMI 801 - AT - Income TaxDeduction u/s 80IB(10) eligibility - whether housing project undertaken on behalf of SRA was a contract awarded by the State Government and therefore not eligible for deduction under section 80IB(10)? - Held that:- The assessee was a developer in common parlance as well as legal parlance and could not be regarded as works contractor and accordingly the explanation to section 80IB inserted w.e.f. 1.4.2001 has no application as the project is not a works contract. Further the assessee was, in part performance of the agreement to sell was given possession of the land and had also carried out construction of housing project, it has to be deemed as owner u/s 2(47)(v) r.w.s. 53A of the Transfer of Property Act even though no formal title deed was executed. In the case of Unity Infra projects V/s DCIT(ITAT Mum) (2014 (10) TMI 930 - ITAT MUMBAI) held that the profit from sale of TDR from SRA is eligible u/s 80IB(10) of the Act. - Decided in favour of assessee.
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