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2011 (1) TMI 934 - AT - Income Taxin this case, Tribunal has been explained the meaning and conditions of the Housing Project for the purpose of deduction u/s 80-IB of Income Tax Act, 1961 - There are following issues in this case :- 1. Ownership of the property whether Development right constitute ownership or not 2. built up area of Housing Project whether Balcony will be included in the built up area or not 3. approval from Local Authority, in the case where more than one approval required which approval is considered for deduction u/s 80-IB in this case Tribunal held that The definition of "built-up area" is inclusive of balcony which is not open terrace and Development right will be considered as ownership of property and first approval will be considered for the purpose of deduction u/s 80-IB. The Case has been decided in the favor of Assessee.
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