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2017 (6) TMI 1047 - HC - Income TaxEntitlement for the deduction u/s 80IB(10) - whether the residential housing project executed by the assessee firm got completed within stipulated time? - whether the respondent assessee sold the TDR for commercial activity? - Held that:- Commencement Certificate has been given to the respondent assessee on 7th September, 2004 for residential project. The project was completed in Financial Year 200708 and received full occupancy on 2nd December, 2008 from the local Authority. The assessee had from the sale of flats declared profit of ₹ 15,47,18,442/for Assessment Year 200809 and the same has been assessed by the Assessing Officer and the necessary benefit has been given to the assessee. In the year under consideration, the profit declared is 3,53,34,185/from the sale of the said housing project. It has been observed that the conditions laid down under Section 80IB(10) of the Act has been complied with. It is observed that the Commencement Certificate was given before 31st March, 2005 i.e. prior to the amendment - Decided against revenue.
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