TaxTMI 
TaxTMI 
2018 (6) TMI 1191
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....ss of real estate development, filed its return of income for the assessment year 2011-2012 electronically on 30.9.2011, declaring a total income of Rs. 29,77,127/-. The return was processed under Section 143(1) of the Income Tax Act, 1961, hereinafter referred to as the said Act on 15.1.2012. Likewise, for the assessment year 2012-2013, the respondent assessee filed return of income electronically on 28.3.2012 declaring a total income of Rs. 69,29,550/-. 3. The case was, however, selected for scrutiny to verify the assesse's claim of deduction of Rs. 8,87,57,581/- and 4,35,48,266/- for the two assessment years respectively under Section 80IB of the said Act in respect of two flats in a housing project sold to t....
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....or children of such individual, (ii) the Hindu undivided family in which such individual is the karta, (iii) any person representing such individual, the spouse or the minor children of such individual or the Hindu undivided family in which such individual is the karta." 6. The claim was disallowed on the ground that the sale of the flats was recognized on 31.3.2010, being the previous year 2009-2010, relevant to the assessment year 2010-2011. The Assessing Officer was of the view that provisions of Section 80IB(10) of the said Act were not attracted, since two flats had been sold to the same couple contravening Clause (f) of Section 80IB(10), extracted herein above. 7. Being aggrieved, the respondent assessee filed appeals befo....
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....ld vide agreements prior to the amendment? 11. The relevant year would be the year of the actual sale and not the year when the revenue chooses to recognize the sale. In the instant case, the Appellate Commissioner and the learned Tribunal concurred in the factual finding that the actual sale of the flats in question took place on 14.1.2008 and 16.7.2008 respectively, long before the amendment of Section 80IB(10) of the Income Tax Act. The Appellate Commissioner and the learned Tribunal very rightly held that the amendments were prospective with effect from 1.4.2010. 12. In view of the factual concurrent finding of the Appellate Commissioner and the learned Tribunal that actually sale of flats in question took place in 2008, l....