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2012 (10) TMI 222 - AT - Income TaxDeduction u/s 80IB – Assessee engage in business of construction and developer – AO argued that assessee has violated the provisions of 80IB (10) by constructing, more than 1500 sq.ft. per unit – Assessee contended that total built up area of none of the flats exceeds 1500 sq.ft. if balcony/terrace are excluded – Held that:- Following the decision in case of HAWARE ENGINEERS & BUILDERS PVT LTD (2012 (6) TMI 386 - ITAT MUMBAI) that definition of built up area as per Sub-section 14(a) of Sec. 80 IB is inserted by Finance Act (No.2) w.e.f. 1st April 2005 and therefore, the same is applicable only in respect of the projects approved after 1st April 2005 and consequently balconies/terrace cannot be included in the built up area of the flats in the assessee’s housing project which was approved prior to 1st April 2005 and A.Y. involved in the impugned appeal is A.Y. 2004-05. Since after excluding the projections and balconies, none of the combined flat exceeds the built up area of 1500 sq.ft., a fact brought on record by the Ld CIT(A) and not controverted by the Revenue. Therefore benefit of deduction u/s. 80 IB (10) cannot be denied. Issue decides in favour of revenue
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