Home Highlights February 2013 Year 2013 This

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1. Rejection of deduction u/s 80IB(10) – Conditions not fulfilled – Merger of three plots - scheme for redevelopment of the slum area - putting any extra condition for...

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. 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...

4. 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...

5. Deduction u/s 80IB - assessee was awarded contract by the Slum Rehabilitation Authority (SRA) under Slum Rehabilitation Program for development of a plot of land - as...

6. 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...

7. Deduction u/s 80IB - whether freight charges recovered from the customers are eligible for deduction under section 80IB ? - since the department has allowed the claim of...

8. 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...

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 under Section 80-IB(10) - deduction is allowed to a housing project (subject to fulfilling all other conditions) constructed on a plot of land having minimum...

11. 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...

12. Re-assessment - Time limitation for notices issued - period of limitation enhanced from 5 years to 6 years - Prospective or retrospective amendment - 5 year period...

13. 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...

14. 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,...

15. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...