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2018 (5) TMI 1159 - HC - Income TaxDeduction u/s 80IB(10) r.w.s. 80IB(1) - profits derived from sale of unutilized FSI - element of profit derived from the business activity of development and construction of housing project - Held that:- For the reasons recorded in case of Moon Star Developers [2014 (4) TMI 1042 - GUJARAT HIGH COURT] wherein held if there has been considerable underutilization, if the assessee can point out any special grounds why the FSI could not be fully utilized, the case may stand on a different footing - in cases where the utilization of FSI is way short of the permissible area of construction, looking to the scheme of section 80IB(10) of the Act and the purpose of granting deduction on the income from development of housing projects envisaged, bifurcation of profits arising out of such activity and that arising out of the net sell of FSI must be resorted to - none of the assessee have made any special ground for non-utilization of the FSI - Decided in favour of Revenue.
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