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 section 2(47) of the Act and held that merely because the land was held by the original owner when the housing development project was executed, would not be detrimental to the assessee’s claim of deduct...