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2015 (2) TMI 364 - HC - Income TaxEligibility for deduction under section 80-IB(10) - area of plot on which the following project is constructed is less than 1 acre - area of the flat constructed is more than 1,500 sq. ft. - Held that:- The Tribunal correctly negated the Departmental representative's contention the agreement indicates super built-up area of more than 1,500 sq. ft. cannot be accepted as super built-up area includes common areas, stair cases and also balcony. The the concept of super built-up area cannot be equated with the built-up area as per the regulations which refers to only to carpet area excluding the balcony and the terrace. The words "including projections and balconies" were inserted with effect from April 1, 2005, by the Finance Act of 2004. The question whether the definition of built-up area with effect from April 1, 2005, was prospective or retrospective in nature has been considered by in CIT v. Tinnwala Industries [2014 (7) TMI 90 - BOMBAY HIGH COURT] which holds that this definition which has been brought on the statute book with effect from April 1, 2005, would not apply to such projects which are completed prior to April 1, 2005. There are no distinguishing features brought on record which calls for any interference. The Tribunal view is a well reasoned and cannot be said to be perverse. Mr. Chhotaray's submission that the matter should be sent back to the Tribunal has no merit. In the present set of facts, even if the definition of built-up area is considered it makes no difference to the assessee's case. Area of entire project is more than one acre and the area of flat is within limit of 1,500 sq. ft. as has been observed by the Tribunal which is last fact finding authority - Decided in favour of assessee.
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