Allowability of Deduction U/s. 80-IB(10) on income from sale of Floor Space Index (FSI)

Facts of the Case Facts in brief are that the assessee is engaged in the business of real estate development, construction of building and slum rehabilitation. During the year under consideration, the assessee undertook construction of tenements under Slum Rehabilitation Scheme of the Government of Maharashtra (‘the said Scheme’ in short) so as to enable the State to provide shelters to slum dwellers, for which consideration was paid in the form of FSI. The FSI thus awarded as consideration for the construction activities undertaken under the said Scheme could either be utilized f...