Home Highlights August 2012 Year 2012 This

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1. Deduction under section 80IB(10) - if other project styled as “Tulsi” is part or extension of Vrindavan Project, then, Vrindavan Project is entitled to the benefit and...

2. Allowability of deduction u/s 80IB(10) and 80IB(1) – It does not provide that the land must be owned by the assessee seeking such deductions - it can be seen from the...

3. Deduction u/s 80IB(10) - housing project - whether ownership of land is necessary - computation of eligible land - AT

4. 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...

5. 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...

6. The ITAT held that deduction u/s 80IB(10) is allowed for flats exceeding 1000 sq. fts excluding open sky balcony. The Tribunal upheld the use of "Project Completion...

7. 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...

8. Deduction u/s 80IB(10) - benefit to land owner who is partner in profit with developer - Nothing in Section 80IB(10) to deny the benefit of Deduction - Merely because...

9. Deduction u/s 80IB - requirement of Section 80IB(10)(b) of the Act which states “the project is on the size of the plot of land which has a minimum area of one acre” -...

10. Deduction u/s 80IB - Disallowance of Deduction as project was not completed as work-in-progress was reflected in the profit and loss account - Observing the facts and...

11. 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...

12. 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...

13. Entitlement to deduction u/s.80IB(10) - additional receipts / income offered by the assessee against the project undertaken by the assessee u/s 132(4) - additional...

14. Deduction u/s. 80IB(10) - The contention of the assessee that the project was started keeping in mind the pre amended provisions of Sec. 80IB(10) and therefore any...

15. Revision u/s 263 by CIT - Allowability of claim of deduction u/s. 80IB(10) - In case Revenue authorities are not satisfied with the contents of the completion...