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2014 (11) TMI 610 - HC - Income TaxEntitlement for deduction u/s 80IB – Assessee not the owner of property – Built up area of flats less than 1500 sq. ft. – Held that:- Following the decision in The Commissioner of Income Tax Business Ward XV(3), Chennai. Versus M/s. Sanghvi and Doshi Enterprise [2012 (12) TMI 84 - MADRAS HIGH COURT] - for the purpose of considering the deduction, it is not necessary that the assessee, engaged in developing and construction of housing project, should be the owner of the property - when the local authority, being part of Chennai Metropolitan Development Authority and also the approving authority, thus having certified about the completion, there was no justifiable ground to invoke Explanation (2) to sub-section (10) of Section 80IB of the Income Tax Act for the purpose of negativing the claim - the Explanation cannot have a control on the substantive provision – thus, the assessee is entitled to deduction in respect of the built up area exceeding 1500 sq. ft. on a proportionate basis – thus, the order of the Tribunal is upheld – Decided against revenue.
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