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2015 (1) TMI 481 - GUJARAT HIGH COURTDeduction u/s.80IB(10) r.w.s. 80IB(1) - ownership of land - approval by the local authority as well as completion certificate was not granted to the assessee - profit derived from sale of unutilized FSI - Held that:- As decided in CIT V. Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] a combined reading of section 2(47)(v) of the Act and section 53A of the Transfer of Property Act, 1882, would lead to a situation where the land would for the purpose of the Act be deemed to have been transferred to the assessees. In that view of the matter, for the purpose of income derived from such property, the assessees would be the owners of the land for the purpose of the Act although title in the land had not yet passed on to the assessees and would pass only upon execution of a duly registered sale deed. For the limited purpose of deduction under section 80-IB(10) of the Act, the assessees had satisfied the condition of ownership also, even if it was necessary. - Decided in favour of the assessee.
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