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2012 (6) TMI 386 - AT - Income TaxDeduction u/s 80IB - incorrect allowance/denial - assessee, a private limited company, engaged in the business of real estate and construction of various housing projects - deduction allowed in AY 04-05 in respect of projects viz Kaveri, Panchavati, Vrindavan, denied for AY 05-06 & 06-07 on ground of the change in law w.e.f. 1.4.2005 - Held that:- Since the project was approved before 1.4.2005 and as AO allowed deduction in earlier years, there is no need for disallowing the deduction in these years, as revised provisions do not apply to the projects approved earlier to 01-04-05. Therefore, assessee is eligible for deduction u/s 80IB(10). In respect of Balaji & Silicon projects - deduction dis-allowed on the reason that commercial area was exceeding the limits and size of individual flat exceeds 1000 sq ft - Held that:- Issue was covered by the ITAT in assessee’s own case for AY 2004-05, therefore, assessee is eligible for deduction on these projects. Deduction on project Tulsi claimed in AY 2006-07 denied on the reason that this is an extension of the project sanctioned earlier and assessee has not satisfied the conditions u/s 80IB(10) - Held that:- Tulsi Project is separately approved project as a residential housing project and amended provisions of section 80IB(10) effective from 01/04/2005 are applicable and those conditions are satisfied by assessee as the project is a residential project and commercial area is less than the prescribed area and other conditions are satisfied, so we hold that Tulsi project is also eligible for deduction u/s 80IB(10).
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