Section 80IB

How to avail Maximum benefit under Section 80IB(10)

Income Tax - Recently, I was approached by a Builder Group seeking a number of clarifications, in respect of the incentive granted U/S 80-IB(10) of the Income-Tax Act to Undertakings engaged in the development and construction of Housing Project(s). Apparently, the provisions of S.80-IB(10) look quite simple, but when one goes into the various conditi...

Read More

Section 80-IBA Affordable Housing Scheme: Analysis of Section, FAQs, Relevant Case Laws and Updated with Finance Act 2020

Income Tax - Whether nearby cities which are in 25 km from municipality are to be considered at par with metro cities for FY 2016-17? Solution: - Yes, because same conditions are there for nearby cities which are within 25km from municipal limits of metro cities. And From FY 2017-18, nearby cities will be considered as non metro cities even though th...

Read More

Private healthcare sector: Income tax incentives, Provisions & Judgments

Income Tax - Private healthcare sector: Income tax incentives, Legal Provisions and Judgments This article covers various sections related to healthcare sector such as Section 10(23C), Section 44A, Section 44AB, Section 11, Section 12, Section 35AD, Section 194I, Section 194h, Section J and many more along with various related case laws. Legal Provisi...

Read More

Deduction Under Section 80IA/80IB – Case Laws – Assessment

Income Tax - Deduction in respect of profits and gains from certain industrial undertakings - Sections 80IA/80IB.The phrase “Derived from” has been a very contentious issue while applying the provisions of Sections 80IA and 80IB of the Act and other similar provisions contain same phrase. The issue revolves around the contention whether deduction ...

Read More

Benefits U/S 80-IA (4)(iii) Of I.T. Act, In Respect of an Industrial Park

Income Tax - Section 80-IA of the I.T. Act, 1961, grants deductions in respect of profits and gains from Industrial Undertaking or enterprises engaged in Infrastructure Development, etc. As per section 80-IA (1), where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business refe...

Read More

CBDT have well-established mechanism to deal with Audit Objections

Income Tax - The office of the Comptroller & Auditor General (C & AG) conducts compliance as well as performance audit relating to specific area of work of the Department. Such an audit on the ssue relating to “Allowance of deduction to the assessees engaged in Infrastructure Development” was conducted by the C & AG in the year 2015 and the report...

Read More

No established mechanism to assess revenue foregone on account of deduction U/s. 80 IA

Income Tax - The CBDT did not have any established mechanism to assess the impact of revenue foregone on account of deduction under section 80 IA on the economic and industrial growth of the country. ...

Read More

Budget 2011-12- Give tax sops on affordable housing

Income Tax - Industry chamber Assocham today asked the government to re-introduce the tax exemption scheme to promote affordable housing in the forthcoming Budget for 2011-12. The chamber also said real estate sector should be accorded infrastructure industry sta...

Read More

Study of recent amendment in deduction for developing and building housing projects – S. 80-IB

Income Tax - Section 80-IB (10) of the Act is aimed at promoting construction of housing projects, so as to address the problem of shortage of dwelling units. The predominant objective of this incentive provision, therefore, is to encourage better availability of the dwelling units for low and middle class segment of the society....

Read More

Hospitality sector want tax holiday to extended to 10 years

Income Tax - Sushanto Roy, CEO, Sahara Prime City, has in a pre-Budget wish list of expectations said: "Given the pent-up demand for affordable housing which was discovered during the recent slowdown there is a need to reintroduce tax holiday under section 80IB for housing projects constructed after March 31, 2008." Tax holiday for hotels, under secti...

Read More

No section 80IB(10) deduction to Land owner if no developmental activity by him

ITO Vs Anjli Foundations (ITAT Chennai) - ITO Vs Anjli Foundations (ITAT Chennai) The undisputed fact in this case is that the assessee is owner of the land. Therefore, for claiming the deduction u/s. 80IB(10), the assessee has to establish that it had undertaken developmental activities which include activities like undertaking the levelli...

Read More

Proportionate Section 80IB(10) deduction allowable if Built-up area of some units exceeds1,500 sq.ft.

ACIT Vs Eagleton Property Holdings (ITAT Bangalore) - ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under...

Read More

No section 80IB(10) deduction If No expense by Land Owner Towards project Development

Anjli Foundations Vs ITO (ITAT Chennai) - Anjli Foundations Vs ITO (ITAT Chennai) Since, the assessee transferred/assigned 50% of the property to the developer, the assessee owned only 25 cents or half-acre as against one acre as per the condition laid down in section 80IB(10), the assessee’s Profit and Loss Account showed that on the gro...

Read More

Section 80IB(10) deduction cannot be disallowed for whole project for violation in few units

Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court) - Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court) In this case the Assessing Officer (AO) vide Order dated 31.01.2014 disallowed deductions to the assessee under Section 80IB(10) of the Income Tax Act, 1961 (said Act) in respect of its housing project “Kamat Riviera” inter alia on the gr...

Read More

ITAT deletes Addition of sales tax incentive receipt in case of RIL

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) - Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of cru...

Read More

Deduction U/s 80IB, 80IC eligible on Transport, Power & Interest subsidies

Circulars No. 39/2016 - (29/11/2016) - It is a settled position that revenue subsidies received from the Government towards reimbursement of cost of production/manufacture or for sale of the manufactured goods are part of profits and gains of business derived from the Industrial Undertaking/ eligible business, and are thus, admissible fo...

Read More

Section 80-IB of the Income-tax Act, 1961 – Corrigendum to Notification No. S.O. 1898(E), dated 3-8-2010

Notification No. 2/2011 - Income Tax - (05/01/2011) - Notification No. 2/2011 - Income Tax In the notification of the Government of India in the Ministry of Finance, Department of Revenue, (Central Board of Direct Taxes) number S.O. 1898(E), dated the 3rd August, 2010, published in the Gazette of India, Extraordinary, Part-II, section 3, sub-section (...

Read More

Section 80-IB – Scheme for slum redevelopment prepared by Maharashtra Government

Notification No. 01/2011- Income Tax - (05/01/2011) - Notification No. 01/2011- Income Tax In exercise of the powers conferred by clauses (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies, the Scheme for slum redevelopment prepared by the Maharashtra Government under sub-section (2) of ...

Read More

Notification No. 67/2010- Notified scheme for purposes of section 80-IB(10)

Notification No. 67/2010 - Income Tax - (03/08/2010) - Notification No. 67/2010 - Income Tax In exercise of the powers conferred by the proviso to Clause (a) and (b) of sub-section (10) of section 80-IB of the Income-tax Act, 1961 (43 of 1961), the Board hereby notifies the Scheme contained in Regulations 33(10) of Development Control Regulation for Gre...

Read More

Clarification regarding deduction under section 80-IB(10) in respect of undertakings developing building and housing projects

Instruction No. 4/2009 - (30/06/2009) - Instruction No. 4/2009, dated 30-6-2009 Under sub-section (10) of section 80-IB an undertaking developing and building housing projects is allowed a deduction of 100% of its profits derived from such projects if it commenced the project on or after 1.10.1998 and completes the construction within fou...

Read More

Recent Posts in "Section 80IB"

No section 80IB(10) deduction to Land owner if no developmental activity by him

ITO Vs Anjli Foundations (ITAT Chennai)01/01/1970

ITO Vs Anjli Foundations (ITAT Chennai) The undisputed fact in this case is that the assessee is owner of the land. Therefore, for claiming the deduction u/s. 80IB(10), the assessee has to establish that it had undertaken developmental activities which include activities like undertaking the levelling the road and removal of rock surface ...

Read More

Proportionate Section 80IB(10) deduction allowable if Built-up area of some units exceeds1,500 sq.ft.

ACIT Vs Eagleton Property Holdings (ITAT Bangalore)01/01/1970

ACIT Vs Eagleton Property Holdings (ITAT Bangalore) Whether the deduction under section 80IB(10) can be allowed on proportionate basis in respect of residential units having a built up area of 1500 sq.ft. or less. On this aspect, the CIT(A) held that the assessee would be entitled to deduction under section 80IB(10) of the Act on [&hellip...

Read More

No section 80IB(10) deduction If No expense by Land Owner Towards project Development

Anjli Foundations Vs ITO (ITAT Chennai)01/01/1970

Anjli Foundations Vs ITO (ITAT Chennai) Since, the assessee transferred/assigned 50% of the property to the developer, the assessee owned only 25 cents or half-acre as against one acre as per the condition laid down in section 80IB(10), the assessee’s Profit and Loss Account showed that on the gross sale value of Rs. 4,07,53,750/-, only...

Read More

Section 80IB(10) deduction cannot be disallowed for whole project for violation in few units

Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court)01/01/1970

Kamat Constructions Pvt. Ltd. Vs ACIT (Bombay High Court) In this case the Assessing Officer (AO) vide Order dated 31.01.2014 disallowed deductions to the assessee under Section 80IB(10) of the Income Tax Act, 1961 (said Act) in respect of its housing project “Kamat Riviera” inter alia on the ground that 4 out of the 60 […]...

Read More

ITAT deletes Addition of sales tax incentive receipt in case of RIL

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai)01/01/1970

Reliance Industries Ltd. Vs ACIT (ITAT Mumbai) The issue under consideration is whether deletion of addition of sales tax incentive/ subsidy as capital in nature is justified in law? In the present case, the assessee in this case is engaged in the business of oil and gas exploration, refining of crude oil, manufacturing of and […]...

Read More

Conditions of Rule 18DA(8A) can be Looked into Only by Prescribed Authority & Not by the AO

CIT Vs M/S Quintiles Research (India) Private Limited (Karnataka High Court)01/01/1970

The issue under consideration is whether the Tribunal is right in holding that the conditions of Rule 18DA(8A) can be looked into only by the prescribed authority and not by the Assessing Officer?...

Read More

Assessee can claim proportionate deduction under Section 80IB(10) relating to eligible units

DCIT Vs Shree Venkatesh Associates (ITAT Pune)01/01/1970

DCIT Vs Shree Venkatesh Associates (ITAT Pune) The issue of pro-rata deduction u/s. 80IB(10) for eligible units has been considered by the jurisdictional ITAT, Pune in case of Ramsukh Properties (supra) and M/s D.S. Kulkarni Developers Ltd (supra) and IT AT, Nagpur in case of AIR Developers(supra) and allowed such pro-rata deduction. The ...

Read More

ITAT allows section 80-IB deduction on Pro-rata basis

Vishal Constructions Vs. ITO (ITAT Pune)01/01/1970

Vishal Constructions Vs. ITO (ITAT Pune) We note that in the present appeal the assessee claimed deduction Rs.18,80,000/- u/s. 80IB(10) of the Act. The AO held that the assessee has violated the provisions of section 80IB(10) of the Act as built up area of shops and commercial establishments exceeded 5000 sq. ft. For such violation [&hell...

Read More

HC directs AO to verify claim of Section 80IB(10) deduction

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court)01/01/1970

DIT Exemptions Vs India Heritage Foundation Gokulam Complex (Karnataka High Court) It is evident that the Assessing Officer has not made any enquiry with regard to the claim of the assessee for deduction under Section 80IB(10) of the Act. The Director of Income Tax (Exemption) in the order passed under Section 263 of the Act […]...

Read More

Depreciation charge must to Claim Section 80IB Deduction

Betts India (P) Ltd. Vs. ACIT (Bombay High Court)01/01/1970

whether depreciation is mandatory to be granted while determining the Appellant's entitlement to the deduction under Section 80IB of the Act, even though the Appellant had not claimed such depreciation?...

Read More

Browse All Categories

CA, CS, CMA (5,310)
Company Law (7,063)
Custom Duty (8,380)
DGFT (4,501)
Excise Duty (4,461)
Fema / RBI (4,607)
Finance (4,857)
Income Tax (36,419)
SEBI (3,886)
Service Tax (3,693)

Search Posts by Date

April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930