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2014 (10) TMI 973 - AT - Income TaxDisallowance of deduction u/s 80IB(10) on income from leave & license fees and Miscellaneous Income - Held that:- Considering the fact that the unsold flats, being stock-in-trade of the housing project, being the immediate source of the impugned rental income, we find direct nexus of the said income to the housing project on hand. Therefore, the said income is derived from the housing project, making the income eligible for deduction u/s 80IB(10) of the Act. Therefore, the conclusions drawn by the CIT (A) are not sustainable in law. - Decided in favour of assessee Regarding the miscellaneous income as held by the Revenue Authorities as ineligible income for the purpose of deduction u/s 80IB(10) we find, the Income Tax Authorities has not gone into the facts relating to this income. As per the Ld Counsel, the same constitutes reimbursements of maintenance charges by the flat owners. This is the reimbursement of expenses incurred by the assessee to the housing society of the housing project. Such reimbursement does not constitute income of the assessee. The Revenue Authorities have wrongly held it as income and treated the same as ineligible for claim of deduction - this matter should visit the file of the AO for fresh adjudication after analyzing the relevant facts. - Decided in favour of assessee for statistical purposes.
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