Benefit of deduction u/s 80IB(10) available on profit on transfer of flat to partners

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

Please become a Premium member. If you are already a Premium member, login here to access the full content.