https://www.taxtmi.com/caselaws?id=360594 The court ruled against the assessee, holding that profits derived from the sale of unutilized Floor Space Index (FSI) were not eligible for deduction under section 80IB(10) of the Income Tax Act. The Tribunal and CIT (Appeals) decisions were overturned, and the Assessing Officer's decision was upheld, denying the claimed deduction for profits from the sale of unutilized FSI. The court emphasized that the deduction under section 80IB(10) is limited to profits derived from the development and construction of housing projects, excluding profits from the sale of unutilized FSI. en-us Mon, 05 Mar 2018 00:00:00 +0530 Sat, 19 May 2018 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360594 The court ruled against the assessee, holding that profits derived from the sale of unutilized Floor Space Index (FSI) were not eligible for deduction under section 80IB(10) of the Income Tax Act. The Tribunal and CIT (Appeals) decisions were overturned, and the Assessing Officer's decision was upheld, denying the claimed deduction for profits from the sale of unutilized FSI. The court emphasized that the deduction under section 80IB(10) is limited to profits derived from the development and construction of housing projects, excluding profits from the sale of unutilized FSI. Case-Laws Income Tax Mon, 05 Mar 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360594