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Income Tax - Highlights / Catch Notes
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Income Tax - Disallowance of deduction claimed u/s 80IB(10) - assessee...

Income Tax
14-12-2021

Disallowance of deduction claimed u/s 80IB(10) - assessee had offered additional income in the proceedings initiated under section 153C of the Act - Restriction on claim of deduction in view of provisions contained in section 80A(5) - The prohibitory conditions of section 80A(5) would not be applicable. In any case of the matter, the revenue does not dispute the fact that the assessee is otherwise eligible to claim deduction under section 80IB(10) of the Act in respect of the profit earned from the subject project. The additional income offered by the assessee because of receipt of on-money, undoubtedly, forms part of the profit earned from the subject housing project. - AT

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