https://www.taxtmi.com/caselaws?id=312200 ITAT Mumbai upheld CIT(A)'s order allowing deduction u/s 80IB(10) for sale of FSI from slum development project at Mayanagar, Worli. Tribunal held that projects under government schemes are exempt from completion date restrictions per statutory proviso. AO's objection regarding prior year rejection was deemed illogical as circumstances differed. On s.14A disallowance, Tribunal deleted interest disallowance following Supreme Court precedent in Reliance Industries, directing remand for exempt income verification. DRR exclusion from book profit u/s 115JB was allowed following coordinate bench decisions. Deduction u/s 80IA(4) for industrial park was upheld, with Tribunal noting similar claims were previously allowed by Bombay HC. en-us Fri, 13 Dec 2019 00:00:00 +0530 Tue, 06 Feb 2024 23:10:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=312200 ITAT Mumbai upheld CIT(A)'s order allowing deduction u/s 80IB(10) for sale of FSI from slum development project at Mayanagar, Worli. Tribunal held that projects under government schemes are exempt from completion date restrictions per statutory proviso. AO's objection regarding prior year rejection was deemed illogical as circumstances differed. On s.14A disallowance, Tribunal deleted interest disallowance following Supreme Court precedent in Reliance Industries, directing remand for exempt income verification. DRR exclusion from book profit u/s 115JB was allowed following coordinate bench decisions. Deduction u/s 80IA(4) for industrial park was upheld, with Tribunal noting similar claims were previously allowed by Bombay HC. Case-Laws Income Tax Fri, 13 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=312200