9911796707
TMI Blog2018 (10) TMI 508X X X X Extracts X X X X X X X X Extracts X X X X ..... and the approval of the project was not in the name of the assessee - Held that:- As decided in assessee's own case [2018 (9) TMI 1181 - GUJARAT HIGH COURT] 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 pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in allowing the assessee the deduction under Section 80IB [10] of the Act after treating the assessee as a developer of the Housing Project even though the project as a whole was not primarily developed and build by the assessee itself and the assessee has sold merely the residential plots and rest of the work has been completed by it as a contractor of the plot purchasers, rendering it ineligibl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... raising similar questions came to be dismissed. Following observations may be noted from the order dated 17th September 2018, dismissing such appeals. "3. The respondent is engaged in the business of housing development. For the assessment year 2010- 11, the assessee had claimed deduction in respect to the income arising out of such activity under section 80IB (10) of the Income Tax Act. The Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in case of Commissioner of Income Tax vs. Radhe Developers, reported in 341 ITR 403. The Court 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 assessees would only qualify them to be the contractors ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
