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2022 (5) TMI 519 - AT - Income TaxDeduction u/s.80IB(10) - CIT- A allowed the deduction - scope of amendment brought - as per revenue CIT-A ignored that assessee sold three adjacent units to relatives of the same family and also holding that the amendment brought in by the Finance (No.2) Act, 2009 w.e.f. 01.04.2010 will apply for assessment year 2010-11 and is prospective - whether the provisions will apply retrospectively or prospectively? - HELD THAT:- As decided in M/S. ELEGANT ESTATES [2018 (6) TMI 1191 - MADRAS HIGH COURT] relevant year would be the year of the actual sale and not the year when the revenue chooses to recognize the sale.finding of the Appellate Commissioner and the learned Tribunal that actually sale of flats in question took place in 2008, long before the amendment of Section 80IB of the said Act, which is prospective, there is no question of law, let alone substantial question of law, involved in these appeals. Also in M/S. MANDAVI BUILDERS [2020 (9) TMI 1138 - KARNATAKA HIGH COURT] exactly identical situation was considered and held that the clauses (e) and (f) to section 80IB(10) as inserted by Finance (No.2) Act, 2009 w.e.f. 01.04.2010 as prospective.- Decide against revenue.
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