The ITAT held that deduction u/s 80IB(10) is allowed for flats ...

Housing projects over 1000 sq. ft. get tax break. "Project Completion Method" approved for profit calculation. Local authority approval needed for tax deduction. Revenue's appeal dismissed.

Case Laws Income Tax

June 28, 2024

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 Method" for profit determination. High Court dismissed Revenue's appeal. The requirement for deduction u/s 80IB(10) is met if a housing project is approved by a local authority. The argument to combine projects under a common approval was rejected. No specific finding on violation of conditions in clauses (e) & (f) of section 80IB(10) was made, so this ground was rejected. Assessee's appeal was allowed.

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The ITAT held that deduction u/s 80IB(10) is allowed for flats ...

Housing projects over 1000 sq. ft. get tax break. "Project Completion Method" approved for profit calculation. Local authority approval needed for tax deduction. Revenue's appeal dismissed.

Case Laws Income Tax

June 28, 2024

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