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2012 (7) TMI 236 - AT - Income TaxAllowance of claim of deduction under section 80IB (10) - assessee are engaged in the business of builders and developers - Held that:- In terms of provisions of clause (d) of section 80IB(10) inserted in the Finance Act 2004, and effective from 1.4.2005, deduction under section 80IB(10) cannot be allowed in case built-up area includes commercial area exceeding 5% of the aggregate built-up area or 2000 sq.ft. whichever is lower - that the amended provisions will not apply to the project approved prior to 1.4.2005 and would apply prospectively - as the project under question had been approved long before the cut-off date of 1.4.2005, and therefore, respectfully following the above rulings no infirmity in the order of CIT(A)- in favour of assessee.
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