https://www.taxtmi.com/caselaws?id=247073 Deduction under section 80IB(10) was held not to depend on ownership of the land, because the provision requires an undertaking to develop and build an approved housing project and does not add land ownership as a statutory condition. Where the development agreements gave the assessee full control, risk, and profit-and-loss exposure, the activity was treated as development and construction rather than a works contract. However, full deduction was not available for profits linked to substantial unutilised FSI, because that component lacked the direct nexus required by the expression "derived from". Deduction was therefore confined to profits actually derived from development and construction. en-us Tue, 11 Mar 2014 00:00:00 +0530 Thu, 09 Oct 2014 17:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247073 Deduction under section 80IB(10) was held not to depend on ownership of the land, because the provision requires an undertaking to develop and build an approved housing project and does not add land ownership as a statutory condition. Where the development agreements gave the assessee full control, risk, and profit-and-loss exposure, the activity was treated as development and construction rather than a works contract. However, full deduction was not available for profits linked to substantial unutilised FSI, because that component lacked the direct nexus required by the expression "derived from". Deduction was therefore confined to profits actually derived from development and construction. Case-Laws Income Tax Tue, 11 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247073