No section 80IB(10) deduction If No expense by Land Owner Towards project Development

Anjli Foundations Vs ITO (ITAT Chennai) Since, the assessee transferred/assigned 50% of the property to the developer, the assessee owned only 25 cents or half-acre as against one acre as per the condition laid down in section 80IB(10), the assessee’s Profit and Loss Account showed that on the gross sale value of Rs. 4,07,53,750/-, only bank charges of Rs. 1,625/- was debited. Since no other expenses were incurred towards the construction of flats as per the agreement, the assessee firm is neither a builder nor a developer for claiming the deduction and accordingly disallowed the claim. Aggr...