No Provision to Replace Actual Land Cost with Market Value for Section 80-IB(10) Deduction: ITAT Chennai

Baashyam Constructions Pvt. Ltd. Vs ITO (ITAT Chennai) The Tribunal held that there is no provision under the Income-tax Act permitting substitution of actual cost of land with its market value for the purpose of computing deduction under Section 80-IB (10) Facts: The Appellant/assessee, Baashyam Constructions Pvt. Ltd., is a company engaged in the business of real estate development. For the Assessment Year 2010–11, the assessee filed its return of income on 30.09.2010 declaring NIL income after claiming deduction under Section 80-IB (10) of the Income Tax Act, 1961 amounting to Rs.27,76,...