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2018 (6) TMI 754 - AT - Income TaxDisallowing the claim of deduction u/s. 80IB(10) - income derived from Development of housing project - Gram Panchayat was not the local authority competent for sanction of plans of housing project - Held that:- Following the judgement of High Court in case of PR. COMMISSIONER OF INCOME TAX, NAGPUR-1 VERSUS SWAPNASHILP DEVELOPERS [2016 (10) TMI 1031 - BOMBAY HIGH COURT] approval granted by the Village Panchayat for the housing project to be as one granted by the ‘local authority' in accordance with the provisions of Section 80IB (10) of the Act - the approval by the gram panchayat was in order and suffices the need of approval by the competent authority - Decided in favor of assessee.
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