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2016 (3) TMI 84 - AT - Income TaxDeduction u/s 80IB(10) - exclusion terrace area - Built up area exceeding 1500 sq.ft including terrace area - Held that:- The terrace area needs to be excluded from the built up area and if the same is excluded, then the resultant built up area is well within the 1500 sq.ft limit prescribed in the statute and hence rejection of deduction u/s 80IB(10) of the Act on this ground by the Learned AO is not in order. It could be safely concluded that the commercial project was handled by an independent partnership firm styled as ‘Ashiana Amar Infrastructure’ for construction of commercial complex along with the approved plan, and both residential and commercial properties being independent untis and belong to two independent entities. We find that the assessee firm had considered 58 bighas of land for construction of residential units and adjacent land of 11 bighas belongs to another firm which constructed commercial project separately. Hence the deduction u/s 80IB(10) of the Act should be claimed unit wise and hence rejection of deduction u/s 80IB(10) of the Act on this ground by the Learned AO is not in order. - Decided in favour of assessee.
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