Deduction U/s. 80IB(10) cannot be denied merely for approval of Housing Project in Land Owner Name

Advertisement The short reason for which deduction under section 80IB(10) has been declined to the assessee is that the assessee did not own the land on which the housing project, by the name of ‘Narayan Bungalows’, is built. The assessee was in development agreement with Smt Lilawaitiben Goverdanbahi Desai & Ors and the approval of the regulatory authority was also in the name of the original landowners. While there is little dispute that the assessee had de facto control over land and the entrepreneurial risk was borne by the assessee, the deduction was declined on the ground tha...