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2018 (9) TMI 1181 - HC - Income TaxDeduction under section 80IB(10) - assessee is engaged in the business of housing development - AO disallowed the claim mainly on the ground that the assessee was not the owner of the land and the approval of the project was not in the name of the assessee - Held that:- Various issues arising out of the claim of different assessee's under section 80IB(10) came to be thrashed out in case of Commissioner of Income Tax vs. Radhe Developers [2011 (12) TMI 248 - GUJARAT HIGH COURT] wherein took note of various development agreements executed by the assessee in favour of individuals claiming that they had been engaged in the activity of housing development. Revenue's contention, that the nature of activities carried on by the assessee's would only qualify them to be the contractors executing works contract, was also considered. It was held that the assessee had undertaken the development of housing project at their own risk and cost. The owner of the land had accepted the full price of the land. He was therefore not concerned with the successor or failure of the housing project. Reference was made to the definition of term “transfer” under section 2(47)and held that merely because the land was held by the original owner when the housing development project was executed, would not be detrimental to the assessee's claim of deduction under section 80IB(10) of the Act. - Decided against revenue
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