https://www.taxtmi.com/caselaws?id=409712 The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals. It upheld the CIT(A)'s decision on deduction under Section 80IB(10), emphasizing that ownership of land is not a precondition for claiming the deduction. The Tribunal directed re-computation on issues related to assessments under Section 153A, disallowance under Section 14A, deduction under Section 80G, and additions to book profits under Section 115JB. It clarified that selling flats to non-individuals does not violate Section 80IB(10)(f). The Tribunal highlighted the importance of assessing the nature of activities, risks, and rewards for determining eligibility for deductions and interpreting statutory provisions correctly. en-us Fri, 18 Jun 2021 00:00:00 +0530 Thu, 15 Jul 2021 08:02:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=409712 The Tribunal dismissed the Revenue's appeals and partly allowed the assessee's appeals. It upheld the CIT(A)'s decision on deduction under Section 80IB(10), emphasizing that ownership of land is not a precondition for claiming the deduction. The Tribunal directed re-computation on issues related to assessments under Section 153A, disallowance under Section 14A, deduction under Section 80G, and additions to book profits under Section 115JB. It clarified that selling flats to non-individuals does not violate Section 80IB(10)(f). The Tribunal highlighted the importance of assessing the nature of activities, risks, and rewards for determining eligibility for deductions and interpreting statutory provisions correctly. Case-Laws Income Tax Fri, 18 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=409712