Pr. CIT v. Shreenath Buildcon

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The Tax Publishers2019 TaxPub(DT) 0975 (SC) : (2019) 267 TAXMAN 0115

INCOME TAX ACT, 1961

Section 261 Section 80-IB(10)

Where the department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT v. Shreenath Buildcon [R/Tax Appeal No. 289 of 2018, dt. 9-4-2018], whereby the High Court held that the Tribunal was right in allowing the assessee the deduction under section 80-IB(10) of the Act because out of 65 units included in the housing project only in one of them, the constructed area exceeded the upper limit and that too, by a small margin, the Supreme Court dismissed the SLP.

Appeal (Supreme Court) - Special leave petition - Deduction under section 80-IB(10) - Income from developing and building housing project--Whether deduction to be entirely denied where one out of 65 units exceeded construction area limit

Department preferred SLP to appeal against the judgment of Gujarat High Court in Pr. CIT v. Shreenath Buildcon [R/Tax Appeal No. 289 of 2018, dt. 9-4-2018], whereby the High Court held that the Tribunal was right in allowing the assessee the deduction under section 80-IB(10) of the Act because out of 65 units included in the housing project only in one of them, the constructed area exceeded the upper limit and that too, by a small margin.Held: The Supreme Court dismissed the SLP.

Affirmed: The Judgment of Gujarat High Court in Pr. CIT v. Shreenath Buildcon [R/Tax Appeal No. 289 of 2018, dt. 9-4-2018]

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