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2018 (1) TMI 977 - AT - Income TaxDeduction u/s.80IB(10) - DR submitted that the assessee is not engaged in development of a housing project and it is Brahma Skyline (JV) that has developed the housing project and not the assessee who had only provided the land to the joint venture formed i.e. Brahma Skyline JV - Held that:- We concur with the findings of Commissioner of Income Tax (Appeals) in holding that the assessee was not merely contributor of the land but was engaged in the development of housing project. That apart, it is a well settled law that owner of the land as well as developer of the land both are eligible for claiming deduction u/s. 80IB(10) in respect of housing project where the owner contributes the land and the other party develops the housing project. In the present case, as is emanating from records the assessee has also contributed towards the development of housing project. Apart from contributing land, the assessee was purportedly instrumental in removing of encumbrances from land and marketing of flats. Thus, the assessee is also eligible for claiming deduction u/s. 80IB(10) of the Act. Benefit of section 80IB(10) - whether can only be granted to an AOP and not to the assessee - Held that:- No merit in this contention of the Revenue. The assessee and M/s. Brahma Builders, the two constituents of Brahma Skyline JV had agreed to share gross receipts of the joint venture in the ratio of 32% and 68% and not the net profits. The joint venture was merely used as conduit to facilitate execution of housing project work, the actual work was done by the two members of JV. All the expenditure for the execution of project was incurred by the individual members and not the joint venture. Therefore, the deduction was rightly claimed by the members - Eligibility of deduction u/s. 80IB(10) to the assessee confirmed - Decided against revenue
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