https://www.taxtmi.com/caselaws?id=374306 The Court held that the restriction on the maximum permissible commercial built-up area for deduction under Section 80IB(10) of the Income Tax Act, 1961 applies prospectively to housing projects approved after April 1, 2005. It emphasized that compliance with the restriction is tied to the approval date of the project by the local authority, not the year of taxation. Citing consistent judicial interpretations, the Court dismissed appeals challenging the restriction's application to projects approved before March 31, 2005, as it would contradict the legislative intent of promoting investments in housing projects. en-us Tue, 08 Jan 2019 00:00:00 +0530 Wed, 30 Jan 2019 08:20:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374306 The Court held that the restriction on the maximum permissible commercial built-up area for deduction under Section 80IB(10) of the Income Tax Act, 1961 applies prospectively to housing projects approved after April 1, 2005. It emphasized that compliance with the restriction is tied to the approval date of the project by the local authority, not the year of taxation. Citing consistent judicial interpretations, the Court dismissed appeals challenging the restriction's application to projects approved before March 31, 2005, as it would contradict the legislative intent of promoting investments in housing projects. Case-Laws Income Tax Tue, 08 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374306