https://www.taxtmi.com/caselaws?id=216892 The High Court held that the amendment to Section 80IB(10)(d) of the Income-tax Act, 1961, effective from 1.4.2005, is prospective and does not apply to projects approved before this date. The Court ruled that the Tribunal erred in applying the amendment retrospectively, denying the deduction to the appellant. Emphasizing the legislative intent to promote housing projects, the Court reversed the Tribunal's decision and allowed the appeal in favor of the assessee, Krishna Park and Prashiddhi Project, stating that imposing new conditions retrospectively would be unjust. en-us Mon, 03 Sep 2012 00:00:00 +0530 Thu, 24 Oct 2013 15:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216892 The High Court held that the amendment to Section 80IB(10)(d) of the Income-tax Act, 1961, effective from 1.4.2005, is prospective and does not apply to projects approved before this date. The Court ruled that the Tribunal erred in applying the amendment retrospectively, denying the deduction to the appellant. Emphasizing the legislative intent to promote housing projects, the Court reversed the Tribunal's decision and allowed the appeal in favor of the assessee, Krishna Park and Prashiddhi Project, stating that imposing new conditions retrospectively would be unjust. Case-Laws Income Tax Mon, 03 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216892