https://www.taxtmi.com/caselaws?id=396731 The High Court of Madras dismissed the tax case appeals by the Revenue, upholding the Tribunal's orders of remand regarding deduction under Section 80IB(10) for assessment years 2008-09 and 2010-11. The Court affirmed that the assessee, as the developer in a joint venture agreement, was entitled to claim the deduction for a housing project despite not incurring expenses towards development or construction. The Court emphasized that ownership alone is not the decisive factor for granting the deduction, distinguishing between 'developing' and 'building'. The Assessing Officer was directed to adhere to the Tribunal's specific directions without awarding costs. en-us Wed, 08 Jul 2020 00:00:00 +0530 Fri, 17 Jul 2020 11:44:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396731 The High Court of Madras dismissed the tax case appeals by the Revenue, upholding the Tribunal's orders of remand regarding deduction under Section 80IB(10) for assessment years 2008-09 and 2010-11. The Court affirmed that the assessee, as the developer in a joint venture agreement, was entitled to claim the deduction for a housing project despite not incurring expenses towards development or construction. The Court emphasized that ownership alone is not the decisive factor for granting the deduction, distinguishing between 'developing' and 'building'. The Assessing Officer was directed to adhere to the Tribunal's specific directions without awarding costs. Case-Laws Income Tax Wed, 08 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396731