https://www.taxtmi.com/caselaws?id=422259 The Tribunal upheld the CIT(A)'s decision to allow the deduction u/s.80IB(10) for selling units to relatives, despite the Revenue's challenge based on amended provisions. The Tribunal found that the allotments were made before the effective date of the amendment, thus not violating conditions. It determined that the amendment was prospective from 01.04.2010, rejecting the Revenue's appeal and emphasizing the importance of the allotment date in applying the provisions. The case highlighted the non-retrospective nature of the provisions and aligned with established legal interpretations and factual assessments, resulting in the deletion of the disallowed deduction. en-us Fri, 06 May 2022 00:00:00 +0530 Thu, 12 May 2022 08:45:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422259 The Tribunal upheld the CIT(A)'s decision to allow the deduction u/s.80IB(10) for selling units to relatives, despite the Revenue's challenge based on amended provisions. The Tribunal found that the allotments were made before the effective date of the amendment, thus not violating conditions. It determined that the amendment was prospective from 01.04.2010, rejecting the Revenue's appeal and emphasizing the importance of the allotment date in applying the provisions. The case highlighted the non-retrospective nature of the provisions and aligned with established legal interpretations and factual assessments, resulting in the deletion of the disallowed deduction. Case-Laws Income Tax Fri, 06 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422259