https://www.taxtmi.com/caselaws?id=272828 The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeals, upholding the CIT (A)'s decision to allow the deduction under section 80-IB(10) for Assessment Years 2004-05 and 2005-06. ITAT ruled that ownership of land is not a prerequisite for claiming the deduction, emphasizing that the entity developing the housing project qualifies regardless of land ownership. Additionally, the ITAT clarified that the sale of unutilized Floor Space Index (FSI) does not disqualify the entity from claiming the deduction. The decisions were based on established legal principles and interpretations of relevant provisions. en-us Fri, 26 Aug 2011 00:00:00 +0530 Sat, 19 May 2018 15:29:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=272828 The Income Tax Appellate Tribunal (ITAT) dismissed the Revenue's appeals, upholding the CIT (A)'s decision to allow the deduction under section 80-IB(10) for Assessment Years 2004-05 and 2005-06. ITAT ruled that ownership of land is not a prerequisite for claiming the deduction, emphasizing that the entity developing the housing project qualifies regardless of land ownership. Additionally, the ITAT clarified that the sale of unutilized Floor Space Index (FSI) does not disqualify the entity from claiming the deduction. The decisions were based on established legal principles and interpretations of relevant provisions. Case-Laws Income Tax Fri, 26 Aug 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=272828