Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (10) TMI 707 - HC - Income TaxDeduction u/s 80IB of the Income Tax Act – ceiling of commercial construction in housing projects - Amendment in ceiling limit from 5% to 3% to apply retrospectively or prospectively – Held that:- Reliance has been placed upon the judgment in the case of Manan Corporation vs. Asstt. Commissioner of Income-Tax [2012 (9) TMI 700 - Gujarat High Court], wherein assessee had claimed deduction under section 80IB(10) of the Act for having developed a housing project. The assessee had conformed to the ceiling of the commercial construction in such housing project as was applicable when the housing project was approved. Subsequently, however, such ceiling was reduced. Revenue contended that since the housing project was not yet completed, the reduced ceiling of permissibility of commercial construction should be applied. This court held that such reduced limit could not be applied – It was held in that case that there was no such restriction in taxing statute and the permissible ratio for commercial user made 5% to the total built up area by way of amendment and reduction of which by further amendment to 3% of the total built up area, has to be necessarily construed on prospective basis – Decided against the Revenue.
|