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2012 (11) TMI 234 - ITAT, AHMEDABADDeduction u/s 80IB - Disallowance on non fulfillment of prescribed conditions - CIT(A) alloowed the claim - Held that:- On consideration of the relevant documents & development agreements it can be fairly concluded that the assessee had acquired dominance over the land and the land was under the possession of the assessee. The assessee firm was de-facto land owner for all practical purposes and has also developed housing project by incurring all the expenses and taking all the risk involved therein. Thus, the assessee firm was not merely contractor of the land owner for fixed remuneration. He further found that land owners were to get only the price of land fixed by the development agreement and not to get any profit of the project. Therefore, the assessee had fulfilled all the conditions as laid down u/s 80IB(10) - in favour of assessee.
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