Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2013 (7) TMI 291 - HC - Income Tax
Deduction u/s 80-IB(10) - housing project - Deduction on account of increased profit due to disallowance u/s 40(a)(ia) - Held that:- Even if a certain expenditure which was incurred by the assessee for the purpose of developing housing project was not allowable by virtue of section 40(a)(ia) of the Act, since the assessee had not deducted the tax at source as required under law, it cannot be denied that such disallowance would ultimately go to increase the assessee's profit from the business of developing housing project. Whatever be the ultimate profit of the assessee as computed even after making disallowance under section 40(a)(ia) of the Act, would qualify for deduction as provided under the law - Decided in favour of Assessee.