Deduction u/s. 80IB(10) cannot be denied even if area of housing project is less than 1 acre or for non ownership of land

CA Sandeep Kanoi Deduction u/s. 80I1B(10) on housing project at Damodar Residency has been denied primarily on two counts­(i) the area of the housing project is less than 1 acre, and (ii) the land on which the housing project has been developed does not belong to the assessee. So far as the first objection of the Revenue is concerned it is an undisputed fact that the project Damodar Residency is being developed on a total area of land admeasuring 14,400 Sq. Mtrs. On the said land, total 7 buildings have been approved i.e. A1 to B5 which are residential and buildings B1 and B2 that are commerc...