deduction under section 80-IB(10) of Income-Tax Act

CIT v. VANDANA PROPERTIES [2012] 19

To avail deduction under section 80-IB(10) of Income-Tax Act , it is not necessary that housing project must be on size of a vacant plot of land which has minimum area of one acre. Section 80-IB(10)(b) specifies size of plot of land but not size of housing project; size of plot of land, as per section 80-IB(10) must have minimum area of one acre; section does not lay down that plot having minimum area of one acre must be a vacant plot. Moreover, plain reading of section 80-IB(10) does not even remotely suggest that plot of land having minimum area of one acre must be vacant