Block of residential unit cannot be construed to be separate project for the purposes of section 80-IB

RELEVANT PARAGRAPH 4. Adverting to the mandate of the statute we find that section 80IA of the Act was restructured into two new distinct sections namely, 80IA and 80IB. The amended provisions extended the benefits to certain sectors. Under section 80IA of the Act profits of approved housing projects where development and construction commenced after 1-10-1998 and completed before 31-3-2001 were fully deductible. The condition necessary for claiming the benefit was that the approved housing project should be on a minimum area of one acre and should have dwelling units with maximum built up are...