Common area has to be excluded while computing built-up area for benefit u/s. 80-IB(10)

HIGH COURT OF KARNATAKA CIT v/s.  Raghavendra Constructions IT Appeal No. 177 of 2011 February 28, 2012 JUDGMENT N. Kumar, J. – The revenue has preferred this appeal challenging the order passed by the Tribunal wherein it has been held that the assessee is entitled to claim deduction under Section 80-IB (10) of the Income Tax Act, 1961 (hereinafter referred to as “The Act) on pro rata basis in respect of those flats, the built-up area of which was not more than 1500 sq. ft. 2. The assessee is a partnership firm engaged in the business of construction and sale of f...