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2014 (1) TMI 103 - AT - Income TaxDisallowance of deduction u/s 80IB(10) of the Act – Conditions not satisfied – Entitlement for proportionate deduction – Held that:- High court dismissed the appeal of the revenue – The court ordered the Tribunal to allow proportionate deduction to the assessee u/s 80IB(10) of the Act – Following ITO vs. AIR Developers [2008 (5) TMI 333 - ITAT NAGPUR] and ACIT vs. Sheth Developers (P)Ltd. [2009 (6) TMI 670 - ITAT MUMBAI] - assessee is entitled for deduction u/s.80IB(10) in respect of flats having built up area not exceeding 1500 sq. ft and not entitled for deduction in respect of those flats having their built up area exceeding 1500 sq.ft. – deduction u/s 80IB(10) allowed on pro-rata basis - the assessee is entitled for deduction on pro-rata basis u/s.80IB(10) of the Act for the flats having built up area less than 1000 sq.ft i.e. for 312 flats of 65% of the profit – Decided in favour of Assessee.
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