2017 (3) TMI 204 - SCH - Income Tax

Entitlement for deduction u/s 80IB(10) - Held that - HC order confirmed 2014 (11) TMI 556 - MADRAS HIGH COURT the provisions nowhere require that developers who are the owner of the land alone would be entitled for grant of deduction under Section 80IB(10) - Assessees were entitled to the benefit u/s 80IB(10) even where the title of the lands had not passed on to the assessees and in some cases, the development permissions may also have been obtained in the name of the original land owners - It is not necessary that the assessee, engaged in developing and construction of housing project, should be the owner of the property Decided against revenue.

Summary

The Supreme Court dismissed the special leave petitions after condoning the delay. Citation: 2017 (3) TMI 204 - SC Order. Justices: A. K. Sikri and Ashok Bhushan. Counsels: Mr. A. N. S. Nadkarni, ASG, Ms. Swarupama Chaturvedi, Ms. Rukhmini Bobde, Mrs. Anil Katiyar, Mr. Jai Dehadrai, Mr. Salvador Rebello.