https://www.taxtmi.com/caselaws?id=218451 Deduction under section 80IB(10) was upheld for a housing project developer where the assessee executed the project on its own cost and control, received a share of built-up area, and was not treated as a mere contractor. Absence of a completion certificate for the year was not decisive because the project had been approved before 1-4-2004 and the assessee followed the percentage completion method; the provision was read so as not to defeat the incentive. Receipts such as chit dividend, scrap sales and material discount were treated as business-linked profits eligible for deduction, while rent from a vacant flat and interest on deposits were held ineligible. en-us Fri, 21 Sep 2012 00:00:00 +0530 Fri, 16 Nov 2012 07:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218451 Deduction under section 80IB(10) was upheld for a housing project developer where the assessee executed the project on its own cost and control, received a share of built-up area, and was not treated as a mere contractor. Absence of a completion certificate for the year was not decisive because the project had been approved before 1-4-2004 and the assessee followed the percentage completion method; the provision was read so as not to defeat the incentive. Receipts such as chit dividend, scrap sales and material discount were treated as business-linked profits eligible for deduction, while rent from a vacant flat and interest on deposits were held ineligible. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218451