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2012 (8) TMI 265 - AT - Income TaxDeduction u/s 80IB - denial on ground that commercial area constructed in the project is more than 2000 sq. ft - reference made to amendment to section w.e.f. 1-4-2005 ceiling built up area of the shops and other commercial establishments included in the project to 5% of the aggregate built up area of the housing project or 2000 sq. ft. whichever is less - project of the appellant started in 1999 - first phase completed on 1-10-2005 including the commercial area - entire scheme approved by the Government of Maharashtra and SRA - Held that:- Since the project was started in 1999 i.e. prior to the amendment by the Finance Act, 2005 and the deduction u/s 80IB(10) is on the profits derived from the housing project approved by the local authority as a whole, the A.O. was not justified in disallowing the claim of the assessee and hence we are inclined to uphold the findings of the ld. CIT(A) in allowing the same - Decided in favor of assessee.
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