2016 (8) TMI 1128 - HC - Income Tax

Appeal admited on the following reframed substantial questions of law. (I) Whether on the facts and in the circumstances of the case and in law the Income Tax Appellate Tribunal erred in holding that the assessee satisfied the condition that the project is on the size of a plot of land which has a minimum area of one acre and accordingly is entitled to deduction u/s. 80IB of the Income Tax Act 1961? (II) Whether on the facts and in the circumstances of the case and in law the decision of the Income Tax Appellate Tribunal to allow deduction under Section 80IB(10) on the amount of statutory disallowance made under Section 40(a) (ia) of the Income Tax Act 1961 has made the provisions of Section 40(a)(ia) redundant?

Summary

The Bombay High Court heard an appeal related to the Assessment Year 2005-06. The court admitted substantial questions of law regarding the eligibility for deduction under Section 80IB of the Income Tax Act, 1961. The Registry was directed to provide a copy of the order to the Income Tax Appellate Tribunal for further proceedings. The case was to be heard along with other Income Tax Appeals.