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

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 Section 80-IB(10). T...