2014 (10) TMI 868 - HC - Income Tax

Deduction under section 80IB(10) - Effect of amendment w.e.f. 01.04.2005 - Retrospectivity - Held that - Clause (d) being inextricably linked to the date of approval of the housing project it will have to be held that the clause operates only prospectively i.e. for housing projects approved after 1st April 2005 - section 80-IB(10)(d) is prospective in nature and can have no application to a housing project that is approved before 31st March 2005 - clause (d) of section 80-IB(10) is inextricably linked to the date of the approval of the housing project and the subsequent development/construction of the same and has nothing to do with the profits derived therefrom - See Commissioner of Income Tax V/s. M/s. Brahma Associates (2011 (2) TMI 373 - BOMBAY HIGH COURT) and The Commissioner of Income Tax16 V/s. M/s. Happy Home Enterprises and M/s. Kanakia Spaces Pvt. Ltd. 2014 (9) TMI 707 - BOMBAY HIGH COURT Decided against revenue.

Summary

The High Court of Bombay dismissed the appeal challenging the Tribunal's order regarding deduction under section 80IB(10) of the Income Tax Act. The court referenced previous judgments and concluded that no substantial question of law was raised. The appeal was dismissed with no costs.