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| The Tax Publishers2020 TaxPub(DT) 5048 (Bom-HC) : (2020) 429 ITR 0597 : (2021) 277 TAXMAN 0408 INCOME TAX ACT, 1961
Section 80-IB(10)
Clause (c) of section 80-IB(10) does not exclude principle of proportionality in any manner, accordingly, assessee was entitled to proportionate deduction under section 80-IB(10) in case area of some of the residential units was more than ceiling prescribed in clause (c).
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Deduction under section 80-IB(10) - Allowability - Proportionate deductions under section 80-IB(10) - Area of certain units exceeded prescribed limits
Assessee engaged in development of housing projects, claimed deduction under section 80-IB(10). AO disallowed deduction on the ground that area of some of the residential units was more than ceiling prescribed in clause (c) of section 80-IB(10). Held: On a plain reading of clause (c) of section 80-IB(10), it is evident that same does not exclude principle of proportionality in any manner, accordingly, assessee was entitled to proportionate deduction under section 80-IB(10).
Followed:Viswas Promoters (P) Ltd. v. Asstt. CIT, Circle 1, (2013) 29 Taxman.com 19 (Mad) : 2013 TaxPub(DT) 489 (Mad-HC), CIT Chennai v. Arun Excello Foundations (P) Ltd. (2013) 29 Taxman. com 149 (Mad) : 2013 TaxPub(DT) 373 (Mad-HC), CIT v. S.G. Estates Ltd. 2015 (7) TMI 1302 (Del) and CIT v. Brigade Enterprises Ltd. ITA No. 54 of 2012 decided on 22-9-2020 by Karnataka High Court.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2008-2009
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