Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2015 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 361 - HC - Income TaxDeduction u/s.80IB(10) - whether ITAT allowing deduction u/s.80IB(10) for A.Ys.2003-04 even though the project had been sanctioned as residential + commercial by Pune Municipal Corporation and was thus not a housing project ? - Held that:- Since the project is admittedly approved prior to 1.4.2005 the assessee is covered in the case of the Commissioner of Income Tax Vs. M/s. Happy Home Enterprises decided in [2014 (9) TMI 707 - BOMBAY HIGH COURT] wherein which one of us (Shri S.C. Dharmadhikari, J.) was a party, after considering the submissions of revenue on the issue of applicability of the judgment of Brahma Associates [2011 (2) TMI 373 - BOMBAY HIGH COURT] has held that the clause (d) of section 80IB(10) is prospective in nature and would not apply to the housing projects commenced prior to 1.4.2005. In the present case it is seen that the approval of the project was granted on 16th July, 2002 well before introduction of the provisions of clause (d) which came into effect from 1.4.2005. No substantial questions of law. - Decided against revenue.
|