80IB(10) exemption ?

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....0IB(10) exemption ?<br> Query (Issue) Started By: - hubert fernandes Dated:- 25-11-2011 Last Reply Date:- 3-12-2011 Income Tax<br>Got 2 Replies<br>Income Tax<br>We have availed deduction u/s 80ib(10).The assesse has fulfilled all conditions u/s 80IB(10).ie land criterria,approval date,time frame for project completion and builindg standalone residential units for less than 1500 sq ft. the AO has d....

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....isallowed the claim by virtue of oath statement recored u/s 131(1) wherein the purchaser has stated that "during the stage of construction , the builder at request of the purchaser have agreed to combine the adjacant unit" . There is no documentary evidence to support this claim , the very basis on which the AO has made the addition.The Assesse possesses the evidence incl the completion cert/occup....

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....ance cert as issued by loacl authorities for stand alone residentioal units.Can the AO deny us the entire exemption , are there any case laws vis a vis the above factual position. Reply By Deepak Nagori: The Reply: Dear Hubert, From your query, it seems that because of combining two units, the area of some units may have exceeded 1500 sft. However, deduction u/s 80-IB(10) will still be availabl....

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....e on pro-rata basis for other units which are less than 1500 sft in area. Refer case laws: [Sreevatsa Real Estates P Ltd vs ITO (2010 (4) TMI 838 - ITAT CHENNAI)= (2010) 41 DTR 497 Chennai ITAT] and [SJR Builders vs ACIT (2009 (8) TMI 953 - BANGALORE TRIBUNAL Court )= (2010) 3 ITR 569 Bang ITAT]. Regards CA Deepak Nagori Reply By mohandass munaswamy: The Reply: dear fernandes pl refer the dec....

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....ision of ITAT chennai"A "third member bench reported in (2011) 141 TTJ (chennai) TN1<br> Discussion Forum - Knowledge Sharing ....