Deduction u/s 80IB(7A) was denied as income from sale of shop, ...

Deduction denied for income from shop sale, as not owned/operated as multiplex part. Lost ownership/control over integral shop. Previous year's treatment irrelevant.

July 24, 2024

Case Laws Income Tax AT

Deduction u/s 80IB(7A) was denied as income from sale of shop, though built by assessee, was not owned or operated as integral part of multiplex at time of accrual. Assessee lost ownership and operating power over shop, an integral part of multiplex theatre. Contention that similar disallowance was not made in previous year when income was shown under 'Capital Gains' was rejected as no precedent of assessing such income under 'Business income'. Case laws relied upon were held irrelevant.

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Deduction u/s 80IB(7A) was denied as income from sale of shop, ...

Deduction denied for income from shop sale, as not owned/operated as multiplex part. Lost ownership/control over integral shop. Previous year's treatment irrelevant.

July 24, 2024

Case Laws Income Tax AT

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