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2013 (12) TMI 1010 - AT - Income TaxApplicability of section 80IB - Held that:- Area of commercial usage was less than 5% of total constructed area and project was approved by the CIDCO Municipal Corporation as a residential project - Following Brahma Associates vs. JCIT [2009 (4) TMI 215 - ITAT PUNE] - As per insertion of clause (d) in section 80IB(10) vide Finance Act, 2004 - Restriction of 5% is applicable only with prospective effect and there is no justification to presume that such a limit or prohibition was in place in the earlier years as well on the commercial use of area - Even 10% of commercial area can be allowed whereas, Appellant's shops area is less than 10% of the total housing project or residential area - The issue regarding applicability of provision of law under clause (d) of sub- section (10) of section 80IB of Act, is relevant for the housing project approved after 01.04.2005 and it cannot be presumed to be decisive as applicable for the old housing project approved much earlier than amended provision of law prospectively - Decided against Revenue.
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