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TMI Blog2017 (5) TMI 1590X X X X Extracts X X X X X X X X Extracts X X X X ..... nal only on this issue. The matter is remitted back to tribunal to decide, the same keeping in view the statutory provision. We make it clear that we have not expressed any opinion of merits. Deduction u/s 80IB (10) - whether project which is cleared as "residential plus commercial" project cannot be treated as housing project ? - Held that:- The second issue is covered by the decision of this court in Commissioner of Income Tax Vs. Veena Developers [2015 (5) TMI 193 - SUPREME COURT] as held where the commercial user permitted by the local authority is within the limits prescribed under the DC Rules/Regulation, the deduction under Section 80IB(10) upto 31.3.2005 would be allowable irrespective of the fact that the project is approved as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Act,1961? D.B. Income Tax Appeal No.132/2012 (1) Whether on the facts and in the circumstances of the case, the ITAT was justified in upholding the order of CIT(A) deleting the addition of Long Term Capital Gain of ₹ 1,90,78,560/- which was made by the Assessing Officer by applying the market value on the basis of the rate communicated by Ghaziabad Development Authority of ₹ 5,700/- per sq. mtr. as against the rate of ₹ 4,200/- per sq. mtr. applied by the assessee? (2) Whether on the facts and in the circumstances of the case, the ITAT was justified in upholding the order of CIT(A) allowing deduction to the respondentassessee under Section 80IB(10) of the Income Tax Act, 1961? 4 Heard learned co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ese DCRs itself, an element of commercial activity is provided bu the total project is till treated as housing project. a. Upto 31/3/2005 (subject to fulfilling other conditions), deduction under Section 80IB (10) is allowable to housing projects approved by the logal authority having residential units with commercial user to the extent permitted under DC Rules/Regulations framed by the respective local authority. b. Where the commercial user permitted by the local authority is within the limits prescribed under the DC Rules/Regulation, the deduction under Section 80IB(10) upto 31.3.2005 would be allowable irrespective of the fact that the project is approved as housing project or residential plus commercial. 5.2 Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X
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