The AO has rejected the claim of the assessee on the ground that the assessee was not owner of the land and BMC has given sanction to plan through letter dt. 21 st September , 1996 hence the date of initial approval would be the operative date  of approval . On appeal the CIT(A) allowed the claim of the assessee which was affirmed by the Tribunal . On appeal the Revenue  contended that the assessee is not eligible for exemption on three  points  (a)  Lack of ownership of land  on which the project was constructed (b)  assessee has not invested in the construction activity or done construction could not be considered as a  developer (c) Project was approved and commenced before the stipulated date ist October 1998 . Dismissing the appeal of the Revenue the Court held that  the Commencement  certificate (CC) is in the name of assessee tax related to land was paid by assessee from 1998 onwards . The Court held that the date of final approval would be the operative date of approval . The project completed was different project for which initial approval was granted . The original lay-out plan became in valid after 7 th January 2001 .  The Assessee has applied for IOD for the second time on 22 November 2021 and was granted permission on 21 st July 2002 . The project for which permission was granted on 24 th July 2002 was not the same as that for which the ID lapsed in 2001 .  Accordingly the order of Tribunal was affirmed .  Referred  CIT v. Radhe Developers ( 2022) 341 ITR 403 ( Guj)(HC)( ITA No. 2020 of 2017 dt 16 -2- 2022) (AY. 2005 -6 )