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2020 (12) TMI 90 - HC - Income TaxDeductions u/s 80IB(10) - certain flats of the project were sold to the same person/family - whether there was no such bar in law as on the date of the commencement of the project as also on the date of relevant transactions? - assessee's alternative claim of prorata/ proportionate deduction - HELD THAT:- The first substantial question of law is answered partly in favour of the assessee and against the Revenue and it is held that there was no justification in disallowing deductions under Section 80IB (10) in respect of the assessee’s housing project “Kamat Riviera” except on pro-rata basis in respect of Flat No.103 therein. Second substantial question of law is answered in favour of the assessee and against the Revenue and it is held that the assessee is entitled to pro-rata deduction in respect of the entire housing project “Kamat Riviera”, including in respect of Flat Nos.401, 402 and 104 therein but not in respect of Flat No.103 which was allotted only on 10.10.2009. The impugned Order is set aside and the Revenue is directed to allow a deduction to the assessee in respect of its housing project “Kamat Riviera” except, on pro-rata basis in respect of Flat No.103 therein.
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