https://www.taxtmi.com/highlights?id=78905 The ITAT held that deduction u/s 80IB(10) is allowed for flats exceeding 1000 sq. fts excluding open sky balcony. The Tribunal upheld the use of "Project Completion Method" for profit determination. High Court dismissed Revenue's appeal. The requirement for deduction u/s 80IB(10) is met if a housing project is approved by a local authority. The argument to combine projects under a common approval was rejected. No specific finding on violation of conditions in clauses (e) & (f) of section 80IB(10) was made, so this ground was rejected. Assessee's appeal was allowed. en-us Fri, 28 Jun 2024 09:42:30 +0530 Fri, 28 Jun 2024 09:42:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=78905 The ITAT held that deduction u/s 80IB(10) is allowed for flats exceeding 1000 sq. fts excluding open sky balcony. The Tribunal upheld the use of "Project Completion Method" for profit determination. High Court dismissed Revenue's appeal. The requirement for deduction u/s 80IB(10) is met if a housing project is approved by a local authority. The argument to combine projects under a common approval was rejected. No specific finding on violation of conditions in clauses (e) & (f) of section 80IB(10) was made, so this ground was rejected. Assessee's appeal was allowed. Highlights Income Tax Fri, 28 Jun 2024 09:42:30 +0530 https://www.taxtmi.com/highlights?id=78905