https://www.taxtmi.com/caselaws?id=296282 The Tribunal upheld the CIT(A)'s decision favoring the cost basis over the turnover basis for allocating common expenses for 80IB deduction. The Tribunal also ruled in favor of the assessee regarding the inclusion of profits from the sale of undivided interest in land for deduction u/s 80IB. For the deletion of addition made u/s 14A, the matter was remitted back to the AO to determine actual expenditure incurred. The appeal for AY 2006-07 was dismissed, and for AY 2007-08, it was partly allowed for statistical purposes. en-us Fri, 16 Dec 2011 00:00:00 +0530 Tue, 13 Jul 2021 14:08:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=296282 The Tribunal upheld the CIT(A)'s decision favoring the cost basis over the turnover basis for allocating common expenses for 80IB deduction. The Tribunal also ruled in favor of the assessee regarding the inclusion of profits from the sale of undivided interest in land for deduction u/s 80IB. For the deletion of addition made u/s 14A, the matter was remitted back to the AO to determine actual expenditure incurred. The appeal for AY 2006-07 was dismissed, and for AY 2007-08, it was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 16 Dec 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=296282