2015 (8) TMI 860 - HC - Income Tax

Deduction under section 80IB(10) - Held that - As decided in assessee s earlier AY it is not in dispute that where a project is approved as a housing project without or with commercial user to the extent permitted under the rules / Regulations, then, deduction under section 80-IB(10) would be allowable. In other words, if a project could be approved as a housing project having residential units with permissible commercial user, then it is not open to the income tax authorities to contend that the expression housing project in section 80-IB(10) is applicable to projects having only residential units. - Decided against revenue.

Summary

The High Court of Bombay dismissed the Appeal challenging the Tribunal's order dated 4th May, 2012 for the assessment year 2005-06. The Court held that the questions of law were identical to a previous case where the Revenue's Appeal was also dismissed. The present Appeal was found to not raise any substantial question of law and was therefore dismissed without costs.