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2019 (2) TMI 1440 - MADRAS HIGH COURTEntitlement to the benefit of deduction u/s 80IB(10) - assessee had undertaken the housing project known as "Jai Hind" - date of approval of the said project by the local authority was given on 30th September 1998, just one day prior to the cut off date given under Section 80IB(10) - HELD THAT:- The expenditure incurred by the assessee prior to the cut off date of 01.10.1998 is not in the nature of development and commencement of the housing project itself and that the expenditure incurred in levelling of the land and construction of the compound wall was to protect the land in question so that the project could be commenced and completed once it is approved by the concerned public authority. The approval in question was admittedly given on 30th September 1998 and therefore, the commencement of the project could only take place thereafter. There is no dispute that the project in question was completed before outer and cut off date, namely 31st March 2008. Therefore, the concurrent findings of the facts given by the two appellate authorities below that the commencement of the project was done within the statutory time frame and accordingly, deduction under Section 80IB(10) was allowable to assessee - Decided in favour of assessee.
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