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2010 (7) TMI 492 - AT - Income TaxDeduction under section 80IB - The assessee was doing business of development and construction on land - One of the basic requirements for granting deduction u/s.80-IB was that the development and construction of housing property should commence on or after 1.10.1998 - It is not the first year in which the claim for deduction u/s.80-IB was made - certificate issued by CIDCO on 7.4.1998 was only approval letter for commencing the construction whereas the actual commencement was done only after receiving certificate from District Collector of Thane on 19.5.1999 - As in the instant case the assessment order is not prejudicial to the interest of the Revenue inasmuch as the rightful deduction has been granted u/s. 80-IB(10) when seen in the light of actual date of commencement being after 01.10.1998 - view taken by the learned CIT to revise the order u/s 263 not acceptable – decided in favor of assessee.
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