Section 80IB(10) deduction eligible on Sale Proceeds of Car Parking Space

Bharat Agri Fert & Realty Ltd Vs ACIT (ITAT Mumbai) It is observed that the assessee company has declared income of Rs. 28,80,000/-on sale of car parking and had claimed deduction on the same under section 80IB (10). The AO had rejected the claim of the assessee on the ground that the income earned by sale of car parking cannot be part of business income and the same has to be assessed under the head ‘Income from other sources’. The learned Assessing Officer further to this has relied on the decision of the Apex Court in the case of Nahalchand Laloochand PvT Ltd vs Panchali Cooperative...