S. 80-IB(10) – Exemption cannot be denied if Assessee complied with conditions

HIGH COURT OF KARNATAKA CIT  V/s. Mystic Investments IT APPEAL NO. 854 OF 2008 FEBRUARY 29, 2012 JUDGMENT 1. This appeal is preferred by the revenue challenging the order passed by the Tribunal which has granted benefit to the assessee under section 80-IB (10) of the Income-tax Act, 1961. 2. The assessee is a firm dealing in property development. The assessee obtained a sanctioned plan in the year 1966 for construction of a multi-storied residential flats on a land measuring about 38 guntas, i.e., 44,030 sq. ft. Before the completion of the project, section 80-IB (10) came to...