Mechanical approval under search assessment law vitiates assessments when sanction lacks application of mind; retrospective curative provision cannot ...
Foreign portfolio investment liberalisation extends listed equity access to all individual persons resident outside India, subject to limit monitoring...
Page of 4792
Press 'Enter' after typing page number.
1881 to 1900 of 95833 Results
❮
❯
❯❯
0 / 200
Expand Note
Add to Folder
No Folders have been created
+
Are you sure you want to delete "My most important" ?
Section 80IB(10)(b) requires the eligible housing project to be developed on the specific plot satisfying the minimum one-acre condition. Land forming part of the approved project, including integral common amenities, may be counted, but separate adjoining land used for the assessee's personal residence cannot be clubbed merely because it is contiguous or owned by the assessee. As the project itself stood on about 70 cents and the balance land was not part of the housing project, the statutory requirement was not met and the deduction was denied. The ITAT therefore upheld disallowance under section 80IB(10) and confirmed the lower authorities' orders.
Section 80IB(10)(b) requires the eligible housing project to be developed on the specific plot satisfying the minimum one-acre condition. Land forming part of the approved project, including integral common amenities, may be counted, but separate adjoining land used for the assessee's personal residence cannot be clubbed merely because it is contiguous or owned by the assessee. As the project itself stood on about 70 cents and the balance land was not part of the housing project, the statutory requirement was not met and the deduction was denied. The ITAT therefore upheld disallowance under section 80IB(10) and confirmed the lower authorities' orders.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4792
Join Channel
TaxTMI 
