Land owner can claim Section 80-IB(10) despite no expense on Housing Project

CIT Vs Astoria Leathers (Madras High Court) The issue under consideration is Whether the Income Tax Appellate Tribunal was correct and justified in directing the Assessing Officer to allow deduction under Section 80IB(10) of the Income Tax Act, 1961 to assessee land owner when it had not incurred any expenses towards development or construction of the housing project ? High Court states that a plain reading of Section 80IB(10) of the Act evidently makes it clear that deduction is available in a case where an undertaking develops and builds a housing project. The Section clearly draws the dist...