Concessional corporate tax option under section 115BAA survives procedural documentary lapses when statutory compliance and earlier exercise are estab...
HC ruled that open terrace and portico areas are not part of "built-up area" under Section 80-IB. These open spaces, being exposed and outside the inner measurement of a residential unit, shall be excluded from total built-up area computation. If after excluding these spaces the residential unit's built-up area remains within 1,500 sq.ft., the assessee is eligible for tax deduction under Section 80-IB. The court distinguished between enclosed balconies/projections and open terrace/portico, holding that open spaces cannot be considered within the definition of built-up area. Consequently, the assessee's appeal was allowed, permitting exclusion of open spaces from built-up area calculation.
HC ruled that open terrace and portico areas are not part of "built-up area" under Section 80-IB. These open spaces, being exposed and outside the inner measurement of a residential unit, shall be excluded from total built-up area computation. If after excluding these spaces the residential unit's built-up area remains within 1,500 sq.ft., the assessee is eligible for tax deduction under Section 80-IB. The court distinguished between enclosed balconies/projections and open terrace/portico, holding that open spaces cannot be considered within the definition of built-up area. Consequently, the assessee's appeal was allowed, permitting exclusion of open spaces from built-up area calculation.
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