Home Highlights June 2013 Year 2013 This

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1. Deduction u/s 80IB(10) r.w. section 80IB(1) – Profits derived from sale of unutilized FSI – none of the assessees have made any special ground for non-utilization of the...

2. Levying MAT u/s 115JB - 100% reduction of the profit u/s. 80IB(10) - while computing the book profit u/s. 115JB appellant had reduced it from book profit and claimed...

3. Deduction u/s 80lB(10) - Profit attributable to Car parking space and preferential location charges - Since these are integral part of the housing project, the profit...

4. Deduction u/s 80IB(10) - substantial portion of the assessee's profit was not derived from development of housing project - the assessee had utilized about 20% or less...

5. Correct head of income - Profit or loss derived from sale of land - Assessee has computed profit or loss derived from sale of land under the head ‘capital gains’ to...

6. Claim u/s.80IB(10) - utilization of permissible FSI - There is nowhere envisaged in the law that the entire FSI should be utilised for the purpose of claiming deduction...

7. Deduction u/s 80IB(10) - Mere sale of open land or unused FSI as part of the housing project where utilization of the FSI is way short of permissible limits cannot be...

8. Deduction u/s 80IB - Whether Ld.CIT(A) can re-estimate average profit @ 38.40%? - The powers given to assessing officer under sub-section 8 of section 80IA or 80IA(10)...

9. Deduction u/s. 80IB(11A) - When the statue in section 80 IB of the Act has not made any distinct between export and domestic sales and the profit arising from both the...

10. Deduction u/s. 80IB(10) - AO has proceeded on surmises that assessee was increasing the profits of 80IB(10) units and decreasing the profits of non-80IB units to gain...

11. Deduction u/s 80IB - Disallowance of Deduction as project was not completed as work-in-progress was reflected in the profit and loss account - Observing the facts and...

12. Deduction u/s 80IB - provisions should be interpreted liberally - even if the units constructed are both smaller and larger units with reference to the stipulated area,...

13. Revision u/s 263 by CIT - Allowability of claim of deduction u/s. 80IB(10) - In case Revenue authorities are not satisfied with the contents of the completion...

14. Deduction u/s.80IB(10) - when the assessee claimed the deduction with respect to the residential units, which are having built up area less than 1500 sq.ft, the...

15. Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...