Deductions for housing project profits preserved where eligibility and duration mirror prior statutory housing deduction rules. Where an assessee's income includes profits from developing or building housing projects and the assessee would have been eligible under the repealed provision, a transitional deduction is allowed. The deduction must be calculated according to the prior provision's computation rules and is available only for the tax years for which that prior provision would have permitted it.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deductions for housing project profits preserved where eligibility and duration mirror prior statutory housing deduction rules.
Where an assessee's income includes profits from developing or building housing projects and the assessee would have been eligible under the repealed provision, a transitional deduction is allowed. The deduction must be calculated according to the prior provision's computation rules and is available only for the tax years for which that prior provision would have permitted it.
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