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2021 (10) TMI 417 - AT - Income TaxProportionate deduction u/s.80IB(10) in respect of project of “Sapphire Park” - as in respect of some of the units, the built up area was more than 1500 sq. ft. - HELD THAT:- As agreed by the Ld. CIT(Appeal) that in respect of some units, the built up area exceeds 1500 square feet on account of terrace garden as discussed in his findings. However, therefore, the Assessing Officer was directed to allow proportionate deduction u/s.80IB (10) of the Act in respect of “Sapphire Park” project after excluding the units where built up area exceeds 1500 square feet on account of terrace garden. Therefore, it is in conformity with the decision of DEVASHRI NIRMAN LLP., DEVASHRI NIRMAN LTD. [2020 (12) TMI 59 - BOMBAY HIGH COURT] wherein such proportionate deduction u/s.80IB(10) of the Act would be allowed to those units which are having built up area less than or equal to 1500 square feet. It is also the settled position of law that principle of proportionality shall not be excluded while determining allowability of deduction u/s.80IB (10) (c) of the Act. - Decided against revenue.
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