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Documents citing The Commissioner Of Income Tax, vs M/S G.R.Developers , 142-143, 1St ... on 29 February, 2012

Martin Burn Ltd., Kolkata vs Assessee on 14 November, 2012

In the case of CIT Vs. G. R. Developers (IT Appeal No.355 of 2009) disposed of on the even date, we have held that the definition of "built up area" inserted by Finance No. 2 of 2004 which came into effect from 1.4.2005 is only prospective in nature. It has no application to the housing projects which were approved by the local authority prior to that date. Prior to 1.4.2005, in calculating the 1,500 sq. ft of a residential unit, the area covered by a balcony was excluded. Therefore, the definition of built up area which is now inserted has no application to constructions which were put up in accordance with the housing projects approved by the local authority prior to that date. In the instant case, admittedly if the balcony area is excluded, none of the residential units is more than 1,500 sq. ft. Therefore, the assessee is entitled to 100% benefit of Section 80IB(10). The Tribunal was not justified in giving only the proportionate benefit. In that view of the matter, the order passed by the Tribunal is set aside and it is held that the assessee is entitled to the benefit of Section 80IB(10) in respect of the 152 flats."
Income Tax Appellate Tribunal - Kolkata Cites 13 - Cited by 0 - Full Document
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