Saturday 12 December 2015

Only a developer can claim deduction under sec. 80-IB(10) and not a work

IT: Where land owner having obtained necessary permissions from local authority for construction of residential project, sold said land to various purchasers who entered into separate construction agreements with assessee, it was a case of mere 'work contract' and thus assessee's claim for deduction under section 80-IB (10) was to be rejected

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