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TMI Blog2016 (5) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... . 2,05,64,463/- (A.Y. 2008-09) and Rs. 2,92,59,341/- (A.Y. 2009-10), without appreciating that the conditions stipulated in the section are not fulfilled by the assessee. 2. During hearing of these appeals, Shri Vimal Punamiya, ld. counsel for the assessee, at the outset, claimed that the impugned issue is covered in favour of the assessee by the order of the Tribunal dated 22/03/2016 for Assessment year 2007-08 (ITA No.8260/Mum/2011). This factual matrix was consented to be correct by Shri Maurya Pratap, Ld. DR. 2.1. We have considered the rival submissions and perused the material available on record. In view of the above, we are reproducing hereunder the relevant portion from the aforesaid order dated 22/03/2016 for ready reference and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... argued that deduction u/s.80 IB (10) was not dependent on ownership, that deduction was allowable if the profits were derived from the business of developing and construction of residential unit, that there was no requirement in the provision that the assessee carrying on the said business should also on the plot of land. After considering the submission of the assessee and the assessment order, the FAA referred to the provisions of section 80 IB(10) of the Act as well as the memo contained in finance bill 1999. He analysed the various clauses of the agreement entered into between the assessee and the owners of the plot of land and held that the status of the assessee was of a developer and not of a contract as observed by the AO, that the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... developing and building housing projects approved by the local authority. Certain conditions are prescribed in sub-section (10) such as the date by which the undertaking must commence the developing and construction work and the minimum area of plot of land on which such project would be put up as well as the maximum built up area of each of the residential units to be located thereon. The provisions nowhere require that only those developers who themselves own the land would receive the deduction u/s.80- IB(10) of the Act. Neither the provisions of section 80-IB nor any other provisions contained in other related statutes demonstrate that ownership of the land would be a condition precedent for developing the housing project. Such require ..... X X X X Extracts X X X X X X X X Extracts X X X X
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