2021 (10) TMI 417

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....uction u/s.80IB(10) of the Income Tax Act, 1961 (hereinafter referred to as "the Act") in respect of project of "Sapphire Park" would be allowed to the assessee. 3. It is the contention of the Revenue that within the scheme of the provision i.e. Section 80IB(10) of the Act, the section is to grant deduction for the housing project as a whole whereas, per contra, it is the contention of the assessee that proportionate deduction u/s.80IB (10) should be allowed as it is well within the scheme of the provision under the Act which has also been upheld by various Judicial Forums. 4. That as per the submissions of the Ld. Counsel for the assessee, ITA No.2939/PUN/2017 for the assessment year 2011-12 is being taken as lead case for adjudicati....

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....Nirman LLP Vs. Assistant Commissioner of Income Tax, Panaji Goa, (2021) 124 taxmann.com 125 ( Bombay), the facts before the Hon"ble High Court was that the assessee filed its return claiming deduction u/s.80IB (10) of the Act. The Assessing Officer denied the same on the ground that area of five residential units in first project and three residential units in another project exceeded 1500 square feet which was in breach of conditions contained in sub clause (c) of Section 80IB(10) of the Act. However, the Ld. CIT(Appeals) held that the assessee was entitled to benefit of deduction under section 80IB(10) on proportionate basis in respect of residential units having built up area less than or equal to 1500 square feet and the Tribunal has up....