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2017 (5) TMI 63 - AT - Income TaxClaim for deduction u/s. 80IB(10) - Held that:- There can hardly be any dispute that ownership of the land in question is not a valid criteria to disallow the impugned deduction claim as held in CIT vs. Radhe Developers’ case (2011 (12) TMI 248 - GUJARAT HIGH COURT ). Assessing Officer is fair enough in admitting that the assessee had been given right of possession over the project land and it had exercised all rights of admission of prospective buyers, collection of consideration as well as finance arrangements. It has come on record that the assessee had placed the above development agreement before the Assessing Officer as well as the CIT(A). CIT(A) finds in lower appellate order that it is the assessee developer who has incurred total expenditure and received the sale consideration. We afforded ample opportunity to the Revenue to rebut this clinching finding by reading the corresponding terms in above development agreement. We notice that the same does not even form part of the case records. This clinching factor makes us to conclude that the learned CIT(A) has rightly held the assessee to have undertaken all risk and reward in developing the abovestated residential project so as to be eligible for Section 80IB(10) deduction in question. - Decided against revenue
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