2013 (4) TMI 748 - AT - Income Tax

Summary

Issues involved: Appeal against disallowance of deduction u/s 80-IB(10) of Income Tax Act for assessment year 2007-08.

Summary:
1. The appellant, a real estate development company, appealed against the disallowance of deduction amounting to Rs. 87,54,412/- u/s 80-IB(10) for various projects.
2. The Assessing Officer disallowed the deduction based on previous assessment orders citing reasons such as projects not being purely residential, exceeding built-up area limits, and total project area being less than 1 hectare.
3. The First Appellate Authority upheld the decision of the Assessing Officer, leading to the appeal before the Tribunal.
4. During the hearing, it was highlighted that similar issues were considered by the Tribunal for previous assessment years and the deduction was allowed.
5. After considering the submissions and previous Tribunal orders, it was held that the appellant is entitled to the deduction u/s 80-IB(10) for the mentioned projects.
6. Consequently, the appeal of the assessee was allowed, and the order was pronounced on 04.04.2013.