Assessee entitled to deduction u/s 80IB(10) for residential cum commercial building approved by the local authority before insertion of clause (d) in s. 80-IB(10) w.e.f. 1st April, 2005 which is prospective and not retrospective

Dy. CIT Vs. Ms/. Shah Builders & Developers (ITAT Mumbai) – Uto 31st March, 2005, deduction u/s. 80/B(10) is allowable to housing projects approved by the local authority having residential units with commercial user to the extent permitted under the DC Rules/Regulations framed by the respective local authority irrespective of the fact that the project is approved as “housing project” or ‘residential plus commercial’. Tribunal was not justified in holding that upto 31st March, 2005, deduction u/s. 80/B(10) would be allowable to the projects approved by the loc...