N.K Saini, Accountant Member - This is an appeal filed by the assessee against the order dated 8.12.2010 of the learned Commissioner of Income-tax (Appeals) - V, Bangalore.

2. The following grounds have been raised in this appeal :

"1. The order of the learned CIT(A)-V is not justified in law and on facts and circumstances of the case.

2. The learned CIT(A) is not justified in denying the benefit of sec. 80IB(10) to the appellant although the appellant satisfied all the requisite conditions in respect thereof.

3. The learned CIT(A) is not justified in holding that sec. 80IB(10) is applicable only to an undertaking involved in developing and construction by ignoring the legal position that sec. 80IB(10) is applicable to an undertaking of developing and building housing project and not developing and construction of housing project.

4. The lower authorities have failed to appreciate that sec. 80IB(10) does not require that the assessee himself should construct the housing project and it is sufficient if he undertakes the activity of developing and building the housing project.

5. The lower authorities have failed to appreciate that practically every major developer of housing project