Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (11) TMI 140 - AT - Income TaxDeduction u/s 80IB(10) - the commercial area i.e. shops in the phases XI and XI-A of the project of the assessee was in excess of what has been prescribed - CIT(A) allowed the claim - Held that:- As decided in CIT-II, Pune Versus M/s. Brahma Associates [2011 (2) TMI 373 - BOMBAY HIGH COURT] up to March 31, 2005 deduction under section 80-IB(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the Development Control Rules/ Regulations framed by the respective local authority. As in the present case the A.O. has allowed the deduction u/s 80IB(10) in respect of other phases of the property known as ‘Golden Nest’ & also that the housing project of ‘Golden Nest’ phase VII and X are approved by the local authority on 25-1-2001 and phase XI and XIA on 14-1-2004 i.e prior to 1-4-2005 inserted under Clause (d) to section 80IB(10) w.e.f. 1-4-2005 which is prospective in nature and not retrospective - As the percentage of commercial area in phase VII, X and combined phase XI and XIA of the property known as ‘Golden Nest’ are at 6.59%, 4.99%, and 5.48% respectively was not controverted by the Revenue even at this stage - in favour of assessee. On the issue of area of row houses exceeding 1000 sq. ft. the CIT(A) held that the deduction u/s 80IB(10) has to be allowed on proportionate basis as decided by the CIT(A) – II, Thane in the case of the assessee for assessment years 2003-04, 2004-05 and 2005-06. After considering the assesse’s submission that the A.O. while giving effect to the order of the Tribunal has considered the same and disallowed Rs. 6,70,464/- in the assessment year 2004-05. Thus no interference with the order passed by the CIT(A) on this account required - against revenue.
|