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Commissioner of Income Tax Versus M/s. Elegant Estates

2016 (1) TMI 502 - MADRAS HIGH COURT

Deduction under Section 80IB(10) denied - Held that:- Tribunal was right in holding that the assessee will be entitled for deduction u/s 80IB(10) with respect to income from flats measuring less than 1500 sq ft limit and assessee will not entitled for deduction u/s 80IB(10) proportionately only with respect to the income from the 2 flats exceeding the limit of 1500 sq ft when the assessee had considered all the flats as forming part of single project on interpretation of the provisions of sectio .....

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ppeal has been filed against the order of the Income Tax Appellate Tribunal A Bench, Chennai, dated 27.2.2015, in ITA No.2902/Mds/2014. 2. The brief facts of the case, necessary for the disposal of the appeal, are as follows: 2.1) The assessing officer, while completing the assessment of the assessee, for the assessment period 2010-2011, had found that the assessee had built two flats, namely Flat Nos.401 and 403, measuring 1572 square feet and 1653 square feet, respectively, exceeding 1500 squa .....

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ore than 1500 square feet, the assessing officer had denied the deduction, under Section 80IB(10) of the Act, to the entire project/flats sold during the year. 2.2) Aggrieved by the assessment order, the assessee had filed an appeal to the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals), had confirmed the assessment order holding that the assessee is not entitled for deduction, under Section 80IB(10) of the Act, in respect of the entire project/flats sold during th .....

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, which were less than 1500 square feet in extent. 2.4) Aggrieved by the said order of the Income Tax Appellate Tribunal, the appellant has filed the present appeal before this Court under Section 260A of the Act, raising the following substantial question of law: "Whether on the facts and in the circumstances of the case the tribunal was right in holding that the assessee will be entitled for deduction u/s 80IB(10) with respect to income from flats measuring less than 1500 sq ft limit and .....

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the case. The Tribunal had erred in holding that the assessee would not be entitled for deduction, under Section 80IB(10) of the Act, proportionately, in respect of the two flats, which had been built with an extent of more than 1500 square feet. 4. The learned counsel had further submitted that the Tribunal had erred in holding that the assessee would be entitled for deduction, under Section 80IB(10) of the Act, in respect of the other flats in the project in question, which were built less tha .....

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