S. 80-IB(10) – Limit on extent of commercial area applies only to projects approved after 01.04.2005

CA Sandeep Kanoi We observe that on similar facts in the assessee’s own case for the same project, the Tribunal by its order dated 29.7.2011 relating to assessment years 2005-06 and 2006-07, the assessment years which also falls after the amendment made by insertion of Clause (d) to section 80IB(10) of the Act, applicable from 1.4.2005 has held that the assessee is eligible for deduction u/s 80IB(10) of the Act in respect of the housing project. As there is no change in facts and circumstances in the assessment years under consideration viz assessment years 2007-08 and 2008-09, The above...