Provisions of section 80IB(10)(e) and (f) effective only from 01.04.2010

Silicon Estates Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that provisions of section 80IB(10)(e) and (f) of the Income Tax Act are applicable only with effect from 01.04.2010. Said provisions are perspective in nature and cannot be applied to transaction entered prior to 01.04.2010.

Facts- The assessee company having its business of builders and property developers, following mercantile system of accounting, filed its return of income on 30.09.2013 disclosing income at Rs.2,86,000/- after claiming

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