{"id":21060,"date":"2021-08-11T12:12:08","date_gmt":"2021-08-11T06:42:08","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-sri-lakshmi-brick-industries-2021-434-itr-213-mad-hc\/"},"modified":"2021-08-11T12:12:08","modified_gmt":"2021-08-11T06:42:08","slug":"cit-v-sri-lakshmi-brick-industries-2021-434-itr-213-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-sri-lakshmi-brick-industries-2021-434-itr-213-mad-hc\/","title":{"rendered":"CIT v. Sri Lakshmi Brick Industries (2021) 434 ITR 213 (Mad.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that a plain reading of section\u00a08IB(10)\u00a0of the\u00a0Income-tax Act, 1961, 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 \u201cdeveloping\u201d and \u201cbuilding\u201d. An assessee who is only an owner of the land and has outsourced the work of construction of the building and had realised the sale proceeds in the form of constructed area is entitled to deduction under section\u00a080IB. Followed CIT v. Veena Developers (2018) 12 ITR-OL 487 (SC) (AY 2006-07 to 2009-10)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 80IB(10) : Housing projects-Owner of  land outsourcing the construction work-Entitled to deduction. <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-21060","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-5tG","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21060","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=21060"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21060\/revisions"}],"predecessor-version":[{"id":21061,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/21060\/revisions\/21061"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=21060"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=21060"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=21060"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}