https://www.taxtmi.com/caselaws?id=227256 The Tribunal held that the amended provisions of Section 80IB(10) do not apply retrospectively to projects approved before 31-3-2005. The deduction under Section 80IB(10) for the Gawan Pada project cannot be disallowed based on the commercial component exceeding 2000 square feet. Additionally, the Tribunal ruled in favor of the assessee regarding the eligibility for deduction under Section 80IB(10) based on project area, stating that as long as the total plot area exceeds one acre, the deduction cannot be disallowed solely based on the area of the eligible component. The Tribunal also determined that the deposits received should be treated as interest-free loans, not falling under Section 2(22)(e) as inter-corporate deposits. Furthermore, the Tribunal upheld the assessee's entitlement to the deduction under Section 80IA(4)(iii) for profits from an industrial park at Marol Andheri, despite the park not being notified by the CBDT in the assessment year, based on compliance with requirements and factual findings. en-us Fri, 22 Feb 2013 00:00:00 +0530 Tue, 23 Apr 2013 15:07:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=227256 The Tribunal held that the amended provisions of Section 80IB(10) do not apply retrospectively to projects approved before 31-3-2005. The deduction under Section 80IB(10) for the Gawan Pada project cannot be disallowed based on the commercial component exceeding 2000 square feet. Additionally, the Tribunal ruled in favor of the assessee regarding the eligibility for deduction under Section 80IB(10) based on project area, stating that as long as the total plot area exceeds one acre, the deduction cannot be disallowed solely based on the area of the eligible component. The Tribunal also determined that the deposits received should be treated as interest-free loans, not falling under Section 2(22)(e) as inter-corporate deposits. Furthermore, the Tribunal upheld the assessee's entitlement to the deduction under Section 80IA(4)(iii) for profits from an industrial park at Marol Andheri, despite the park not being notified by the CBDT in the assessment year, based on compliance with requirements and factual findings. Case-Laws Income Tax Fri, 22 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=227256