Deduction under section 80-IB(10) in respect of undertakings developing building and housing projects - One time basis deduction or year to year basis deduction

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....eduction under section 80-IB(10) in respect of undertakings developing building and housing projects - One time basis deduction or year to year basis deduction <br>News and Press Release<br>Dated:- 3-....

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....7-2009<br><BR>CBDT issued an instruction to clarify the matter as follows: (Relevant Extract) 3. The above issue has been considered by the Board and it is clarified as under:- (a) The deduction ca....

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....n be claimed on a year to year basis where the assessee is showing profit from partial completion of the project in every year. (b) In case it is late, found that the condition of completing the proj....

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....ect within the specified time limit of 4 years as started in section 80-IB(10) has not been satisfied, the deduction granted to the assessee in the earlier years is should be withdrawn.<BR> News - Pre....

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....ss release - PIB....