Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (5) TMI 1126 - AT - Income TaxDeduction u/s 80-IB(10) in respect of the project at Gangai Nagar, Velachery - deduction in respect of the built-up area exceeding 1500 sq ft on a proportionate basis. - HELD THAT:- The assessee claimed deduction u/s 80IB(10) of the Act for the same project from the AY 2007-08 onwards. This Tribunal has allowed the assessee’s claim for the AY 2007-08. On Revenue’s appeal, the Hon'ble Jurisdictional High Court has decided the issue in favour of the assessee for the AY 2007-08 [2014 (11) TMI 610 - MADRAS HIGH COURT] but held that the assessee is entitled to deduction in respect of the built up area exceeding 1500 sq ft on a proportionate basis. For this assessment year, the CIT (A) gave a finding, inter alia, that the project was designed as a composite project at the proposed site at Survey No.486/1 and 482 at New Secretariat Colony, Velachery, Chennai. The project of the assessee was also in an area of more than one acre. The approvals were also obtained on unit basis only for the benefit of taking advantage of the relevant rules of the Local Authority. Further, from the order of the CIT (A), it is apparent that he had arrived at the conclusion in favour of the assessee after considering the facts of the case and the decision of various higher judiciaries on the identical issue etc. On identical facts and circumstances, this Tribunal allowed the assessee’s appeal in AY 2008-09, supra. Therefore, assessee’s appeal is allowed. However, the assessee is entitled to deduction in respect of the built-up area exceeding 1500 sq ft on a proportionate basis. - Decided partly in favour of revenue
|