Home Highlights August 2012 Year 2012 This

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1. 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...

2. 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...

3. Disallowance of expenditure u/s 40(a)(ia) – Whether disallowance of expenditure u/s 40(a)(ia) is ‘eligible profit’ from housing project u/s.80IB(10) - Held Yes - AT

4. 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...

5. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

6. Deduction u/s 80IB - housing project - sale of flats to family members - application of restriction with retrospective effect or with prospective effect i.e 1.4.2010 -...

7. 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...

8. 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...

9. 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...

10. Deduction u/s 80IB - if the disallowance u/s 40A(3) is directly relatable to the profit of the eligible projects, then the deduction u/s 80IB be accordingly recomputed - AT