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2016 (7) TMI 312 - ITAT AHMEDABADEligibility of deduction u/s 80IB - ownership of land - Held that:- Hon’ble Gujarat High Court in case of CIT vs. Radhe Developers (2011 (12) TMI 248 - GUJARAT HIGH COURT ) held that for deduction u/s.80IB(10) of the Act it is not necessary that the assessee must be the owner of the land and secondly looking to the provisions contained in Setion 2(47) of the Act r.w.s. 53A of the Transfer of Property Act, by virtue of the development agreement and agreement to sell, assessee had for the purpose of income tax become the owner of the land. Considering the terms and conditions of the development agreement and other documents on record, assessee had acquired dominion over the land, which he had developed by constructing housing project incurring expenses and also takings risks. Thus, on the point of ownership and dominion of the property as a project, CIT(A) rightly granted relief to the assessee. - Decided in favour of assessee
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