Benefit of deduction u/s 80IB(10) available on profit on transfer of flat to partners

Advertisement ITO Vs Lakshmi Brick Industries (ITAT Chennai) ITAT Chennai held that profit on transfer of flats to partners is computable in the hands of firm, however, benefit of deduction u/s 80IB(10) of the Income Tax Act duly available even on transfer of flats to the partners by way of MOU. Facts- The assessee is a partnership firm engaged in the business of land development and construction of residential buildings. During the course of assessment proceedings, AO noticed that the assessee has transferred 26 flats measuring 30,313 sq.ft. by way of unregistered MOU dated 20.11.2008 to i...