S. 80IB(10) Once project approved, deduction alowable on whole project

Clause (d) inserted in section 801B[10) with effect from April 1, 2005, is prospective and not retrospective and hence could not be applied for the period prior to April 1, 2005. Since deduction under section 801B[1Oj were on the profits derived from the housing projects approved by the local authority as a whole. ITAT held that  once the project is approved by the local authorities, then deduction has to be allowed on the whole of the project . INCOME TAX APPELLATE TRIBUNAL  , MUMBAI ‘H ‘ BENCH ITA No. 7050/Mum/2010 –  (Asst Year 2007- 08) The Income Tax Officer Vs Harsh Construc...