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2017 (5) TMI 1590 - HC - Income TaxAddition of Long Term Capital Gain - Assessing Officer applying the market value on the basis of the rate communicated by Ghazibad Development Authority of ₹ 5,700/- per sq. mtr as against the rate of ₹ 4,200/- sq. mtr. applied by the assessee? - Held that:- The issue agitated before tribunal as regard to previous year, the issues as discussed which we have decided today but there is no reference of price in the same. In our view in CIT(A) and the tribunal have committed an error in not referring to the price in the previous year. Therefore, the matter is required to be remitted back to the tribunal only on this issue. The matter is remitted back to tribunal to decide, the same keeping in view the statutory provision. We make it clear that we have not expressed any opinion of merits. Deduction u/s 80IB (10) - whether project which is cleared as "residential plus commercial" project cannot be treated as housing project ? - Held that:- The second issue is covered by the decision of this court in Commissioner of Income Tax Vs. Veena Developers [2015 (5) TMI 193 - SUPREME COURT] as held where the commercial user permitted by the local authority is within the limits prescribed under the DC Rules/Regulation, the deduction under Section 80IB(10) upto 31.3.2005 would be allowable irrespective of the fact that the project is approved as ‘housing project’ or ‘residential plus commercial. - Decided in favour of assessee
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