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Whether the Income-tax Appellate Tribunal was correct and justified in directing the Assessing Officer to allow deduction under section 80IB(10) of the Income-tax Act, 1961 to assessee land owner when it had not incurred any expenses towards development or construction of the housing project ?

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Sec. 80-IB of the Income-tax Act, 1961 - Deduction - A plain reading of Section 80IB(10) of the Act evidently makes it clear that deduction is available in a case where an undertaking develops and builds a housing project. The Section clearly draws the distinction between 'developing' and 'building'. It is noted that the assessee is the developer and M/s.ETA is the builder and mutual rights and obligations are inextricably linked with each other and undoubtedly, the project is a housing project thereby, the assessee would be entitled to claim deduction under section 80IB (10) of the Act. - CIT V/s ASTORIA LEATHERS - [2020] 273 TAXMAN 159 (MAD)

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