Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Deduction u/s 80IB(10) for an undertaking developing and building housing projects approved before March 31 by a local authority. The scope of the definition of 'built-up area' was examined. The DVO's report showing violation related to two row houses having an area more than 1500 sq.ft. was not considered. It was held that for projects approved prior to April 1, 2005, the assessee could legitimately claim deduction u/s 80IB(10) based on the plans approved by the Planning Authority, as the concept of built-up area, including inner measurement, projections, balconies, and wall thickness, but excluding common areas, was not applicable. Applying such parameters retrospectively would lead to absurd results. The expression 'built-up area' introduced from April 1, 2005, cannot be applied retrospectively, and the Tribunal was justified in excluding the balcony area for the period up to April 1, 2005. The decision was in favor of the assessee.
Deduction u/s 80IB(10) for an undertaking developing and building housing projects approved before March 31 by a local authority. The scope of the definition of 'built-up area' was examined. The DVO's report showing violation related to two row houses having an area more than 1500 sq.ft. was not considered. It was held that for projects approved prior to April 1, 2005, the assessee could legitimately claim deduction u/s 80IB(10) based on the plans approved by the Planning Authority, as the concept of built-up area, including inner measurement, projections, balconies, and wall thickness, but excluding common areas, was not applicable. Applying such parameters retrospectively would lead to absurd results. The expression 'built-up area' introduced from April 1, 2005, cannot be applied retrospectively, and the Tribunal was justified in excluding the balcony area for the period up to April 1, 2005. The decision was in favor of the assessee.
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