Subscription   Feedback   New User   Login      
Tax Management India .com
TMI - Tax Management India. Com
Articles Highlights TMI Notes SMS News Newsletters Calendar Imp. Links Database Experts Contact us More....
Extracts
Home List
← Previous Next →

Commissioner Of Income Tax Versus M/s Veena Developers

2015 (5) TMI 193 - SUPREME COURT

Deduction under Section 80IB(10) as applicable prior to 01.04.2005 - whether project which is cleared as "residential plus commercial" project cannot be treated as housing project and therefore, this direction is contrary to the provisions of Section 80(I)(B)(10)? - Held that:- Projects which are approved by the local authorities as housing projects with commercial element therein.

Reading the direction in its entirety and particularly the first sentence thereof, we find that commerci .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

- Special Leave to Appeal (C) No(s). 22450/2011 - Dated:- 28-4-2015 - K Sikri And Rohinton Fali Nariman JJ. For the Appellant : MR. B. V. Balaram Das For the Respondent : MR. Nikhil Nayyara Judgement SLP (C)No.22450/2011, SLP (C)No. 20534/2013, SLP (C) CC No.12785/2013, SLP (C)CC No.11544/2013, SLP (C) No.21661/2013, SLP (C) No.21662/2013, SLP (C) No.21663/2013, SLP (C) No.24961/2013, SLP (C) No.31709/2013, SLP (C) No.34888/2013, SLP (C) No.10678/2015, SLP (C) No.28130/2011, SLP (C)No. 20409/20 .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

3053/2011, SLP(C) No. 23109/2012, SLP(C) No. 31167/2012, SLP(C) No. 28756-28757/2011, SLP(C) No. 21298/2012, SLP(C) No. 27671/2011, SLP(C) No. 27673/2011, SLP(C) No. 27249/2011, SLP(C) No. 31278/2011, SLP(C) No. 26807/2011, SLP(C) No. 28168/2011, SLP(C) No. 34137/2011, SLP(C) No. 26010/2011, SLP(C) No. 26011/2011, SLP(C) No. 27675/2012, SLP(C) No. 5766/2015, SLP(C) No. 5767/2015, SLP(C) No. 5770/2015, SLP(C) No. 10827/2015, SLP(C) No. 12107/2015, SLP(C) No. 35907/2013, SLP(C) No. 38202/2013, SLP .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

S.L.P.(C)...CC No. 7562-7563/2012, SLP(C) No. 16627/2012, SLP(C) No. 20034/2012, SLP(C) No. 20035/2012, SLP(C) No. 21299/2012, SLP(C) No. 16490/2013, SLP(C) No. 16491/2013, SLP(C) No. 16492-16493/2013, SLP(C) No. 18023/2013, SLP(C) No. 18024/2013, SLP(C) No. 18025/2013, SLP(C) No. 18026/2013,SLP(C) No. 21665/2013, SLP(C) No. 28449/2013, SLP(C) No. 32691/2013, SLP(C) No. 32693/2013, SLP(C) No. 2766/2014, SLP(C) No.5699/2014, SLP(C) No.33433/2014, SLP(C) No.5768/2015, SLP(C) No.4680/2015, SLP(C) N .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

led by the Revenue/ Department of Income tax against the judgments rendered by various High Courts deciding identical issue which pertains to the deduction under Section 80IB(10) of the Income Tax Act, as applicable prior to 01.04.2005. We may mention at the outset that all the High Courts have taken identical view in all these cases holding that the deduction under the aforesaid provision would be admissible to a "housing project". All the assessees had undertaken construction project .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ofits derived in any previous year relevant to any assessment year from such housing project if, - (a) such undertaking has commenced or commences development and construction of the housing project on or after the 1st day of October, 1998; (b) the project is on the size of a plot of land which has a minimum area of one acre; and (c) the residential unit has a maximum built-up area of one thousand square feet where such residential unit is situated within the cities of Delhi or Mumbai or within .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

interpreted the expression "housing project" by giving grammatical meaning thereto as housing project is not defined under the Income Tax Act insofar as the aforesaid provision is concerned. Since sub-section (10) of Section 80IB very categorically mentioned that such a project which is undertaken as housing project is approved by a local authority, once the project is approved by the local authority it is to be treated as the housing project. We may also point out that the High Court .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

;30. In the result, the questions raised in the appeal are answered thus: - a) Upto 31/3/2005 (subject to fulfilling other conditions), deduction under Section 80IB(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under DC Rules/ Regulations framed by the respective local authority. b) In such a case, where the commercial user permitted by the local authority is within the limits prescribed under the DC Rul .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

e total built-up area of the plot. d) Since deductions under Section 80IB(10) is on the profits derived from the housing projects approved by the local authority as a whole, the Tribunal was not justified in restricting Section 80IB(10) deduction only to a part of the project. However, in the present case, since the assessee has accepted the decision of the Tribunal in allowing Section 80IB(10) deduction to a part of the project, we do not disturb the findings of the Tribunal in that behalf. e) .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

what is new what is new
  ↓     bird's eye view     ↓  


|| Home || Acts and Rules || Notifications || Circulars || Schedules || Tariff || Forms || Case Laws || Manuals ||

|| About us || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members || Site Map ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version