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Deduction U/s. 80-IB(10) need to be given proportionally if a few residential units are exceeding the built-up area of 1500 sq. ft prescribed by section
Case Law Details
- Case Name
- ITO Vs AIR Developers (ITAT Nagpur)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All ITAT, ITAT Nagpur
RELEVANT PARAGRAPH
6.5 In the case of Bengal Ambuja Housing Development Ltd. (supra), the ITAT, Kolkata Bench held as under:
“It is apparent from the perusal of section 80IB(10) that this section has been enacted with a view to provide incentive for businessmen to undertake construction of residential accommodation for smaller residential units and the deduction is intended to be restricted to the profit derived from the construction of smaller units and not from larger residential units. Though the A.O. has denied the claim of the assessee observing that larger units were also construct...
