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2012 (12) TMI 69 - HC - Income TaxEligibility of Deduction u/s 80IB and 80IB(10)- Whether Private terrace area should be included in the built up area of the flats for the purpose of making out statutory extent of built up area as per Clause (a) Section 80IB(14) of the Income Tax Act and deduction in case of constructed flats exceeding built up area of 1500 sq.ft. residential flat / 2000 sq.ft. commercial flat - held that:- the open terrace area cannot form part of the built up area; in the result, the assessee would be entitled to deduction under Section 80-IB(10) of the Act and that the assessee would be entitled to proportionate relief as regards the units having built up area not more than 1500 sq.ft. 7. As far as the Revenue's contention that for the purpose of Section 80-IB(10) deduction, the assessee should have owned the property is concerned, the same is liable to be rejected - Decided in favor of assessee.
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