Search Results Page
Search Results
1 - 10 of 20 (0.99 seconds)D.C. Gandhi Associates vs Income-Tax Officer on 12 August, 1988
16. The first issue decided by the Tribunal was that the provisions of the Act as
applicable to the instant assessment year are to be applied harmoniously and
consequently, the amended provisions of section 80IB(10) of the Act which have
been made applicable for construction of housing projects, which had commenced,
developed and construction after first day of October, 1998, but before first day of
October, 2004, then such housing projects in order to avail the aforesaid deduction
had to be completed on or before 31.03.2008. The Tribunal further referred to the
other decisions of Pune Bench of Tribunal in respect of insertion of clause (d) to
section 80IB(10) of the Act and noted that the Tribunal in Opel Shelters Pvt. Ltd. vs.
ACIT in ITA No.219/PN/2009 , and D.S. Kulkarni & Associates vs. ITO in ITA
No.17/PN/2009, both relating to assessment year 2005-06, vide order dated
31.05.2010 held that the amended provisions of clause (d) to section 80IB(10) of
the Act were not applicable to the projects which had been sanctioned prior to
01.04.2004. In respect of the said projects, the first condition of having completed
the project before 31.03.2008 was complied with.
Section 80 in Finance (No. 2) Act, 2014 [Entire Act]
Section 24 in Finance (No. 2) Act, 2014 [Entire Act]
The Cit-Ii, Pune vs M/S Brahma Associates on 3 July, 2014
36. The issue in grounds of appeal No.3 to 5 raised by the Revenue is against
the order of CIT(A) in allowing deduction under section 80IB(10) of the Act with
respect to sector No.2. Though the commercial area exceeded 5% or 2000 sq.ft.,
whichever was less, in view of the ratio laid down by the Hon'ble Bombay High
Court in CIT Vs. Brahma Associates (supra), we find no merit in the said issue
raised by the Revenue and the same is dismissed.
Reliance Jute & Industries Ltd vs C.I.T., West Bengal, Calcutta on 10 October, 1979
31. Following the aforesaid principles laid down by the Hon'ble Apex Court in
Reliance Jute and Industries Ltd. vs. CIT (supra), we hold that while deciding the
claim of the assessee relating to assessment year 2006-07, the provisions of the
Act as applicable for this assessment year are to be applied harmoniously and
consequently the claim of the assessee is to be looked into in line with the amended
provisions of section 80-IB(10) of the Act, which have been made applicable for the
construction of the housing project, which had commenced development and
construction after the 1st day of October, 1998 but before 1st day of October, 2004,
then such housing projects in order to avail the aforesaid deduction, had to be
completed on or before 31st day of March, 2008. We uphold the order of CIT(A) in
this regard.