Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (12) TMI 129 - ITAT MUMBAIDisallowance of deduction under section 80IB(10) – on the ground that housing project should commence on or after 1/10/1998, whereas the assessee's project named "Gold Coast" started much earlier and built up area of some residential units exceed 1500 sft – Held that:- Explanation brought in statute, the same was not applicable to the projects approved prior to 01-04- 05 - plans which are approved on which the basis for construction of the present building was approved in 2002 and accordingly they are within the provisions of Section 80-IB(10) - As seen from the nature of expenditure, they cannot be considered as evidencing that the project has commenced before 1st October 1998 as only cost of land, construction of compound wall and Municipal taxes and various expenditures for plan approvals were incurred. There is no expenditure on construction activity on the project - assessee has sold adjoining flats of more than 1500 sft, the measurements were taken again and post survey even Departmental Valuation Officer has certified that even the combined flat was less than 1500 sft - Revenue appeals are dismissed
|