https://www.taxtmi.com/caselaws?id=246045 A developer who entered into a development agreement, took possession in part performance and constructed at its own risk and cost was treated as the owner for the limited purpose of section 80IB(10), so the arrangement was not characterised as a mere works contract. The Court also held that profit from sale of unutilized FSI remained part of the housing project profit where the FSI shortfall was only marginal and no special justification for the underutilization was shown. On both issues, the deduction under section 80IB(10) was sustained in favour of the assessee. en-us Tue, 01 Apr 2014 00:00:00 +0530 Tue, 15 Apr 2014 10:12:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=246045 A developer who entered into a development agreement, took possession in part performance and constructed at its own risk and cost was treated as the owner for the limited purpose of section 80IB(10), so the arrangement was not characterised as a mere works contract. The Court also held that profit from sale of unutilized FSI remained part of the housing project profit where the FSI shortfall was only marginal and no special justification for the underutilization was shown. On both issues, the deduction under section 80IB(10) was sustained in favour of the assessee. Case-Laws Income Tax Tue, 01 Apr 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=246045