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2022 (9) TMI 504 - AT - Income TaxDeduction u/s 80-IB [10] - apartments purchased from landowners - HELD THAT:- We notice that this Tribunal in the assessee’s own case for AYs 2007-08 & 2008-09 [2022 (7) TMI 1203 - ITAT BANGALORE] had dealt with similar issue of deduction u/s. 80IB(10) of the Act and decided the issue in favour of the assessee and held that a plain reading of section 80-IB(10) evidently makes it clear that deduction is available in a case where an undertaking develops and builds a housing project on the profits derived from such housing project. In the given case the profit from the sale of flats earmarked for the land owners is also derived by the assessee from the development and building of the housing project. In view of the above discussion we are of the considered view that the assessee is entitled claim deduction u/s.80IB(10) on the profits derived from sale 22 flats earmarked for the land owners. The appeal is allowed in favour of the assessee
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