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2011 (7) TMI 199 - ITAT MUMBAIIncome escaping assessment - Deduction under section 80-IB(10) - on the ground that size of the residential unit was in excess of 1,000 sq.ft. which, in turn, proceeds on the basis that the flats sold to the family members admittedly by separate agreements, should be treated as one unit. We are unable to approve this approach - It is important to bear in mind the fact that what section 80-IB(10) refers to is 'residential unit' and, in the absence of anything to the contrary in the Income-tax Act, the expression 'residential units' must have the same connotations as assigned to it by local authorities granting approval to the project - The law is very clear that unless provided in the Statute, the law is always presumed to be prospective in nature. It will, therefore, be contrary to the scheme of law to proceed on the basis that wherever adjacent residential units are sold to family members, all these residential units are to be considered as one unit - Appeals are allowed
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