section (1) of section 80-IAB or an undertaking developing and building a housing project referred to in sub-section (10) of section 80-IB ... section (1) of section 80-IAB or an undertaking developing and building a housing project referred to in sub-section (10) of section 80-IB
authority complying with all the conditions as set out in section 80-IB(10)
as it stood prior to 1st April, 2005. If we were ... April, 2005 and complying with all the conditions
of section 80-IB(10) as it stood then, the Assessee would be disentitled to
the entire
Sections 80-IA and 80-IB by the Finance Act, 1999 w.e.f. 1st April 2000. The housing project fell in Section 80-IB ... provisions of the section extracted above. A plain reading of Sub-section (10) of Section 80-IB reveals and makes it evident that there must
this appeal relates to the disallowance of deduction claimed under Section 80-IB(10) of the IT Act.
3. The facts of the case ... Section 80-IB is that the assessee has not received the completion certificate of the housing project from the municipality as required under Section 80
housing project is not defined Under Section 80 .1B(10) of the Act. As per explanation to Section 80 HHBA (4) "Housing Project ... referred to the various other provisions such as Section 80 IB(7), Section 54-G , Section 139 of the Act where the municipal jurisdiction
Later, by Finance Act, 2003 , further amendments were made to
Section 80-IB(10), which read as under:-
"(10) The amount of profits ... authority complying
with all the conditions as set out in section 80-IB(10) as it
stood prior to 1st April, 2005. If we were
urged in this appeal by the revenue
pertains to Section 80IB (10), particularly Section 80-IB (10)(a)(ii) read
with the Explanation ... approval granted by such Competent
Authority. As per sub-section (10) of Sec. 80-IB, the housing
project which were approved before 31st
adjudication. Grounds 2.1 to 2.4 relate to deduction under
section 80-IB(10) of the Income Tax Act, 1961 ('the Act' for
short ... respectively after claiming deduction under section 80-IB(10)
of the Act. The Assessing Officer completed the assessment
Section 80-IB of the Act and that the benefit being with reference to construction of 100% residential units, deduction under Section 80-IB ... projects, in the absence of restrictive covenant under sub- Section (10) of Section 80-IB, we do not find any justifiable ground to hold that
there was Section 80-IA. This Section 80-IA was restructured by Finance Act, 1999 into Sections 80-IA and 80-IB ... thereon. Section 80-IB nowhere contemplates that only those developers would receive deduction who own the land. Court said that Section 80-IB(10) does
