https://www.taxtmi.com/caselaws?id=71288 The ITAT upheld the disallowance of the assessee's claim for deduction under section 80-IB(10) for the assessment year 2001-02. The Tribunal affirmed the CIT(A)'s decision, concluding that the housing project's plot area was less than one acre, failing to meet the statutory requirement. The argument that the plot area exceeded one acre when combined with open space from another entity was rejected. The Tribunal emphasized strict adherence to the statutory language, finding the compromise arrangement insufficient to satisfy the conditions of section 80-IB(10). Consequently, the claim for deduction was deemed inadmissible. en-us Wed, 31 Aug 2005 00:00:00 +0530 Thu, 18 Apr 2024 10:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=71288 The ITAT upheld the disallowance of the assessee's claim for deduction under section 80-IB(10) for the assessment year 2001-02. The Tribunal affirmed the CIT(A)'s decision, concluding that the housing project's plot area was less than one acre, failing to meet the statutory requirement. The argument that the plot area exceeded one acre when combined with open space from another entity was rejected. The Tribunal emphasized strict adherence to the statutory language, finding the compromise arrangement insufficient to satisfy the conditions of section 80-IB(10). Consequently, the claim for deduction was deemed inadmissible. Case-Laws Income Tax Wed, 31 Aug 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=71288