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2016 (6) TMI 482 - ITAT KOLKATAEntitlement for claiming deduction u/s 80IB(10) - commercial area of the project exceeded 2000 sq.ft as laid down in section 80IB(10)(d) - Held that:- We find that the issue under appeal is covered by the decision of the Hon’ble Supreme Court in the case of CIT vs Sarkar Builders[2015 (5) TMI 555 - SUPREME COURT ] wherein held the housing project contemplated under sub-section (10) of Section 80IB includes commercial establishments or shops also. Now, by way of an amendment in the form of Clause (d), an attempt is made to restrict the size of the said shops and/or commercial establishments. Therefore, by necessary implication, the said provision has to be read prospectively and not retrospectively. As is clear from the amendment, this provision came into effect only from the day the provision was substituted. Therefore, it cannot be applied to those projects which were sanctioned and commenced prior to 01.04.2005 and completed by the stipulated date, though such stipulated date is after 01.04.2005. Thus High Court was correct in allowing the exemption to assessee in present case since this amendment is prospective and has come into effect from 01.04.2005, this condition would not apply to those housing projects which had been sanctioned and started earlier even if they finished after 01.04.2005 as that of assessee. Also see Veena Developers [2015 (5) TMI 193 - SUPREME COURT ] - Decided in favour of assessee.
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