Section 80IB(10) deduction cannot be denied merely because land was held by original owner during project execution

Pr. CIT Vs Green Associates (Gujarat High Court)

It was 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 project. In such background, reference was made to the definition of term “transfer” under Please become a Premium member. If you are already a Premium member, login here to access the full content.