Section 80IB(10) deduction not eligible on Income not having Business Connection

Satern Griha Nirman Pvt. Limited Vs ITO (ITAT Kolkata) Facts of the Case: The assessee in the present case is a Company, which is engaged in the business of Builders and Property Developers. The return of income for the year under consideration was filed by it on 17.09.2011 declaring total income at ‘NIL’. During the year under consideration, the assessee company had developed a housing project namely “Salarpuria Symphony” in Bangalore, Karnataka and the entire profit of the said project was claimed to be exempt under section 80IB (10) of the Act. Disallowance by AO And CIT(A) It was ...