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2018 (4) TMI 1857 - ITAT BANGALORE - Income Tax
Head Note / Extract:
Deduction u/s 80IB - Whether condition specified u/s 80IB(10) of I T Act that the built-up area of each flat should be less than 1500 Sqft. to claim the deduction u/s 80IB of the I T Act? - CIT-A allowed deduction - whether CIT(Appeals) while adjudicating the issue has followed the order of the Tribunal in which identical issue has been adjudicated following the judgment of CIT v. SJR Builders [2012 (3) TMI 615 - KARNATAKA HIGH COURT] - HELD THAT:- On the issue of proportional allowability deduction u/s 80IB(10) being in favour of the appellant, it is clear that, the deduction cannot be denied in its entirety. The Assessee on the other hand has submitted that its claim u/s 80IB, during the year under consideration, was restricted only to the units falling below the threshold of 1500 sqft. The AO has not disputed this position of the Assessee. In the facts and circumstances of the case the Assessee's appeal is allowed.