https://www.taxtmi.com/caselaws?id=256492 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions in favor of the assessee. The case involved discrepancies in construction cost charges under a joint development agreement and disallowance of deduction under section 80IB(10) due to approval granted to a different party. The Tribunal emphasized the validity of the agreement, independence of parties, and fairness of the agreed rate, allowing the deduction despite approval being in another party's name. The judgment underscored the significance of genuine business arrangements, fair market rates, and compliance with statutory provisions in tax affairs. en-us Wed, 27 Aug 2014 00:00:00 +0530 Sun, 15 Feb 2015 09:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=256492 The Tribunal dismissed the Revenue's appeal, upholding the CIT(A)'s decisions in favor of the assessee. The case involved discrepancies in construction cost charges under a joint development agreement and disallowance of deduction under section 80IB(10) due to approval granted to a different party. The Tribunal emphasized the validity of the agreement, independence of parties, and fairness of the agreed rate, allowing the deduction despite approval being in another party's name. The judgment underscored the significance of genuine business arrangements, fair market rates, and compliance with statutory provisions in tax affairs. Case-Laws Income Tax Wed, 27 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=256492