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Case Law Details

Case Name : ITO Vs Lakshmi Brick Industries (ITAT Chennai)
Related Assessment Year : 2014-15
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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

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