Case Law Details
Case Name : ITO Vs J R construction (Gujarat High Court)
Related Assessment Year : 2004-05
Courts :
All High Courts Gujarat High Court
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ITO Vs J. R. Construction (Gujarat High Court)
It is true that section 80IB(10) of the Act does not provide that for deduction, the undertaking must utilize 100% of the FSI available. The question however is, can an undertaking utilize only a small portion of the available area for construction, sell the property leaving ample scope for the purchaser to carry on further construction on his own and claim full deduction under section 80IB(10) of the Act on the profit earned on sale of the property? If this concept is accepted, in a given case, an assessee may put up construction of only 100 sq. ...
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Poor judgement by the High Court. If a person constructs only 100 sft he will get benefit of 80IB (10) only for 100 sft. The judge is trying to put in conditions which are not in the Act. Am sure there are contrary judgements of the Bombay and other High Court on the issue of 80IB (10) .
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