authority complying with all the conditions as set out in section 80-IB(10)
as it stood prior to 1st April, 2005. If we were ... April, 2005 and complying with all the conditions
of section 80-IB(10) as it stood then, the Assessee would be disentitled to
the entire
assessee is eligible for the claim of deduction under Section 80-IB(10) of the Act, on the profit derived from developing and building residential ... 80-IA and 80-IB by the Finance Act, 1999 w.e.f. 1st April 2000. The housing project fell in Section 80-IB
this appeal relates to the disallowance of deduction claimed under Section 80-IB(10) of the IT Act.
3. The facts of the case ... 80-IB is that the assessee has not received the completion certificate of the housing project from the municipality as required under Section 80-IB
this appeal is regarding the validity of deduction Under Section 80-IB(10) of the I.T. Act, 1961 claimed by the assessee ... which was arrived at after claiming deduction Under Section 80 IB (10) of Rs. 8,74,331/-. The claim of the assessee Under Section 80
appeal by the revenue
pertains to Section 80IB (10), particularly Section 80-IB (10)(a)(ii) read
with the Explanation.
2. It is urged that ... granted the provision of Section 80IB
read as follows: -
"Section 80-IB(10) prior to the amendment of 1.4.2005:
Sub s. by Finance
Later, by Finance Act, 2003 , further amendments were made to
Section 80-IB(10), which read as under:-
"(10) The amount of profits ... particularly when the position becomes
irreversible.
(c) The provisions of s.80-IB(10) mention not only a
particular date before which such a housing
adjudication. Grounds 2.1 to 2.4 relate to deduction under
section 80-IB(10) of the Income Tax Act, 1961 ('the Act' for
short ... respectively after claiming deduction under section 80-IB(10)
of the Act. The Assessing Officer completed the assessment
assessee claimed deduction under Section 80-IB(10) of the Income Tax Act, (hereinafter referred to as the 'Act'), in respect of project ... Section 80-IB of the Act and that the benefit being with reference to construction of 100% residential units, deduction under Section 80-IB
there was Section 80-IA. This Section 80-IA was restructured by Finance Act, 1999 into Sections 80-IA and 80-IB ... Section 80-IB nowhere contemplates that only those developers would receive deduction who own the land. Court said that Section 80-IB(10) does
authority complying with all the conditions as set out in
section 80-IB(10) as it stood prior to 1st April, 2005. If we
were ... April, 2005 and complying with all the
conditions of section 80-IB(10) as it stood then, the
Assessee would be disentitled to the entire
