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2016 (5) TMI 144 - AT - Income TaxDeduction under section 80 IB - effect of amendment - prospectively - Held that:- The prohibition against sale of more than one flat in a housing project to members of same family has been inserted specifically with effect from 1. 4. 2010 and the same cannot be treated with retrospective effect. A perusal of the provisions of Sec. 80IB(10) would show that it provides deduction for housing projects which are approved on or after 1. 10. 1998 and upto 31. 3. 2008. It also differentiates the projects approved between 1. 10. 1998 to 31. 3. 2004, 1. 4. 2004 to 31. 5. 2005 and 1. 4. 2005 to 31. 3. 2008. If the section is further analysed, it is based upon the approval of the project. If the project is already approved prior to 1. 4. 2005, any subsequent restriction brought in Sec. 80IB would have to be given perceptive effect - Decided in favour of assessee
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