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2005 (8) TMI 329 - AT - Income TaxDeduction u/s 80-IB - business of development and construction of housing projects - HELD THAT:- The deduction u/s 80-IB has been claimed by the assessee-builder and the plot of land that the assessee-builder had for building the impugned housing project had an area of only 3800 sq. mtrs., which was much less than one acre. Further, as pointed out by the ld. D.R., there is nothing on record to show that the ownership of the land which was to be used as open space was transferred by the MAEER in favour of the housing-societies. Also, the condition given in clause (b) of sub-section (10) of section 80-IB cannot be treated as fulfilled by applying an arithmetical exercise on a notional basis. What is very clearly required by the above provision is that the size of the plot of land on which the housing project is built should have a minimum area of one acre. There is no ambiguity in the language of the clause (b) of section 80-IB(10). The area of the plot of land on which the impugned housing project was built by the assessee-builder, was only 3800 sq. mtrs., which was much less than one acre. In the circumstances, therefore, we see no infirmity in the conclusions reached by the CIT(A) and his order is accordingly upheld. In the result, the appeal filed by the assessee is dismissed.
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