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2017 (12) TMI 419 - AT - Income TaxDeduction claimed u/s. 80IB(10) - housing project in the name and style of a society M/s. Saundarya Cooperative Housing Society Ltd. - ownership of plot - Held that:- It is no more in dispute that Section 80IB(10) deduction does not envisage ownership of the plot in question relevant to a housing project. See CIT vs. Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] Assessee only has undertaken the above entrepreneurial risk / reward in developing the above housing project after having acquired dominant control thereof. It had further discharged onerous responsibility inter alia of advertising the above housing project; if required followed by booking of allottees as well as collection of consideration money whereas the owner society never performed any such liability in developing its housing projects. We therefore accept assessee’s arguments claiming itself to have developed the above housing project thereby raising Section 80IB(10) deduction claim. We accordingly delete the impugned disallowance - Decided in favour of assessee.
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