2016 (1) TMI 502

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....l has been filed against the order of the Income Tax Appellate Tribunal "A" Bench, Chennai, dated 27.2.2015, in ITA No.2902/Mds/2014. 2. The brief facts of the case, necessary for the disposal of the appeal, are as follows: 2.1) The assessing officer, while completing the assessment of the assessee, for the assessment period 2010-2011, had found that the assessee had built two flats, namely ....

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.... order, the assessee had filed an appeal to the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals), had confirmed the assessment order holding that the assessee is not entitled for deduction, under Section 80IB(10) of the Act, in respect of the entire project/flats sold during the year. 2.3) Challenging the order of the Commissioner of Income Tax (Appeals), the asses....

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....ill be entitled for deduction u/s 80IB(10) with respect to income from flats measuring less than 1500 sq ft limit and assessee will not entitled for deduction u/s 80IB(10) proportionately only with respect to the income from the 2 flats exceeding the limit of 1500 sq ft when the assessee had considered all the flats as forming part of single project on interpretation of the provisions of section 8....

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....o have held that, as per Section 80IB(10) of the Act, the assessee is entitled for the deduction, in respect of the project "Elegant Estate Palmere Gardens" only, if all the residential units in the said project not exceed 1500 square feet in area and even if one unit exceeds the said limit, the assessee would not be entitled for deduction of the entire income from the housing project. 6. Per c....