2017 (7) TMI 432 - SCH - Income Tax

Deduction u/s 80IB - Ownership vs Builder - Held that - The special leave petitions are dismissed. HC order confirmed 2012 (12) TMI 84 - MADRAS HIGH COURT . HC has held that 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). Therefore, 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. The local authority, being the Corporation, had already certified about the completion of the project as per the approved plan, the fact that one of the Authorities, namely, Chennai Metropolitan Development Authority had issued a letter only on 13.6.2008, per se, cannot negative the assessee s claim for deduction. In the light of the above-said facts, Revenue s appeal is rejected. Decided against the Revenue.

Summary

The Supreme Court dismissed the special leave petitions and condoned the delay. Pending applications were disposed of. (Citation: 2017 (7) TMI 432 - SC Order)