Home Highlights December 2011 Year 2011 This

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1. Deduction u/s 80IB - inclusion / exclusion of balcony - built up area - admittedly if the balcony area is excluded

2. Deduction u/s.80IB(10) - Levy of tax u/s.115JC - housing project - Neither section 115JC excludes its application in respect of housing projects approved prior to its...

3. Deduction u/s 80IB - Once it is accepted that the shopping area of the assessee's this project was below 10% of the total project area, 80IB deduction has to allowed the...

4. Deduction u/s 80IB(10) - assessee had not incurred any expenses towards development or construction of the housing project - we have noted the factual position as could...

5. Classification of services - Contract for carrying out not only site grading but also construction of Roads, Boundary wall, Drains lines and associated works for crude...

6. Depreciation u/s 32 on boundary wall and other structures - Purpose of the boundary wall is to provide protection and security to the building and other assets of the...

7. Long term capital gain on sale of plot of land - Cost of improvement being the cost of construction of boundary wall - Having regard to the facts and circumstances of...

8. Deduction u/s 80IB - Two approvals one as commercial and one as housing - There is no definition of housing project in the provisions and there can be more than one...

9. Claim of deduction u/s. 80IB(10) - Gram Panchayat competency for sanction of plans of housing project - approval granted by the Village Panchayat for the housing project...

10. Deduction u/s 80(IB)(10) in respect of POR project - CIT(A) has observed that in view of the provisions of Section 80(IB)(10) of the Act, when the approval of the...

11. Disallowance of cost of construction cost of improvement of property while computing the Long Term Capital Gain - since it is a case of construction of boundary wall,...

12. Deduction u/s 80IB(10) - business of development and construction of residential and commercial units - Since, in the instant case the housing project was admittedly...

13. Deduction u/s 80IB - requirement of Section 80IB(10)(b) of the Act which states “the project is on the size of the plot of land which has a minimum area of one acre” -...

14. LTCG - deduction u/s 54 denied - Despite the assessee's claim of having constructed a residential property within the specified timeframe, a physical inspection revealed...

15. Deduction under section 80IB(10) - if other project styled as “Tulsi” is part or extension of Vrindavan Project, then, Vrindavan Project is entitled to the benefit and...