Deduction for housing project profits allowed when eligibility and calculation follow the historical provision's formula for applicable years. A transitional deduction is allowed for profits and gains from developing or building housing and rental housing projects where the assessee is eligible under the prior provision; the deduction's amount must be calculated by reference to the historical formula and is permitted only for the tax years that would have been allowed under that prior provision.
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.
Deduction for housing project profits allowed when eligibility and calculation follow the historical provision's formula for applicable years.
A transitional deduction is allowed for profits and gains from developing or building housing and rental housing projects where the assessee is eligible under the prior provision; the deduction's amount must be calculated by reference to the historical formula and is permitted only for the tax years that would have been allowed under that prior provision.
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