Section 80-IB Deduction Denied as Housing Project Covered Less Than One Acre: ITAT Cochin

Advertisement P.V. Hemalatha Vs CIT (ITAT Cochin) The Cochin Bench of the Income Tax Appellate Tribunal (ITAT) disposed of two appeals filed by the assessee for Assessment Years 2009-10 and 2018-19 through a common order, as both involved the common issue of eligibility for deduction under Section 80-IB(10) of the Income-tax Act, 1961. For Assessment Year 2009-10, the assessee, engaged in the business of constructing residential apartments and earning remuneration, interest on capital from firms, and insurance commission, filed a revised return claiming deduction of ₹3,13,19,704 under Sec...