TaxTMI 
TaxTMI 
2014 (1) TMI 1430
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.... the issue of eligibility for deduction u/s.8o IB(10)against the order of CIT(A) II, Thane. The revenue has raised two grounds which are as under :- "1. Whether on the facts and in the circumstances of the case and in law, the ld. CIT(A)-II Thane, was justified in holding that the assessee was eligible for deduction u/s. 80IB(10) relying on the decision of the Hon'ble Bombay High Court in CIT vs.....
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....Grand Manor Ideal Park' at Bhayander. The housing project of the assessee consists of ground plus 4 floors, with six wings and two Row houses. The total area of the project comprises of 4740.17 sq. mtrs, out of which the residential area consists of 4551.37 sq. mtrs. and the shops consists of 188.80 sq. mtrs, which comes to 3.98% of the total project area. On the net profit of Rs. 12,02,326/- on t....
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..../s. 801B(10)(d) of the I.T. Act, 1961. AO disallowed the deduction claimed by the assessee amounting to Rs.12,02,326/- u/s. 80IB(10). 3. Before the CIT(A), it was submitted that assessee's project was approved as a residential project for the F.Y. 2003-04 and the shopping area is only 3.9% of the total area of the project which was permitted under D.C. Rules of the local authority. The assessee a....
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....riction on the commercial area imposed by the introduction of sub-section (d) to section 801B(10) w.e.f. 1.4.2005 are therefore not applicable to the appellant as this project having commercial area had commenced prior to the said date. From the details filed, it can be observed that the project of the appellant was sanctioned as housing project by the Mira Bhayander Municipal Corporation during t....