TMI Blog2016 (3) TMI 1085X X X X Extracts X X X X X X X X Extracts X X X X ..... in other related statutes demonstrate that ownership of the land would be a condition precedent for developing the housing project. Such requirement cannot be read into the statute because there is nothing in section 80-IB(10) of the Act requiring that ownership of the land must vest in the developer for him to be able to qualify for such deduction. Moreover, the term “developer” has been understood in common parlance as well as in the legal sense as carrying a much wider connotation. It is well settled that while interpreting a statute, particularly, a taxing statute, nothing can be read into the provisions which has not been provided by the Legislature. A condition which is not made part of section 80-IB(10) of the Act, namely, that of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing deduction u/s.80 IB(10) it was essential that plot on which housing project was constructed should be owned by the developer, that the assessee was not owner of the plot, that the claim made by it in respect of the profits derived from developing and building housing project was not allowable. 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the first appellate authority (FAA). Before him it was 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ismissed,that the Hon ble Gujarat High Court has decided that for availing deduction u/s.80 IB (10) of the Act ownership of the plot of land was not necessary. 5. We have heard the rival submissions and perused the material before us. We find that the Hon ble Gujarat High Court in the case of Radhe Developers (ITR) has held as under: Section 80-IB(10) of the Income-tax Act, 1961, requires involvement of an undertaking in 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 ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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