[2014] 50 taxmann.com 37 (Mumbai - Trib.)
IN THE ITAT MUMBAI BENCH 'F'
Income-tax Officer
v.
Velentine Developers*
D. MANMOHAN, VICE-PRESIDENT
AND N.K. BILLAIYA, ACCOUNTANT MEMBER
IT APPEAL NOS. 6901 & 8469 (MUM.) OF 2010
[ASSESSMENT YEARS 2006-07 & 2007-08]
MARCH 14, 2014
Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Housing projects) - Assessment years 2006-07 and 2007-08 - Whether section 80-IB(10) is prospective in nature and cannot be made applicable to projects approved prior to 1-4-2005 - Held, yes - Whether, therefore, where in case of assessee, engaged in business of developing housing project, approval was given to project prior to 1-4-2005, its claim for deduction could not be rejected on ground that space for commercial establishments was in excess of 2000 sq. ft. and, therefore, there was violation of clause (d) to section 80-IB(10) - Held, yes [Para 13] [In favour of assessee]
IN THE ITAT MUMBAI BENCH 'F'
Income-tax Officer
v.
Velentine Developers*
D. MANMOHAN, VICE-PRESIDENT
AND N.K. BILLAIYA, ACCOUNTANT MEMBER
IT APPEAL NOS. 6901 & 8469 (MUM.) OF 2010
[ASSESSMENT YEARS 2006-07 & 2007-08]
MARCH 14, 2014
Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Housing projects) - Assessment years 2006-07 and 2007-08 - Whether section 80-IB(10) is prospective in nature and cannot be made applicable to projects approved prior to 1-4-2005 - Held, yes - Whether, therefore, where in case of assessee, engaged in business of developing housing project, approval was given to project prior to 1-4-2005, its claim for deduction could not be rejected on ground that space for commercial establishments was in excess of 2000 sq. ft. and, therefore, there was violation of clause (d) to section 80-IB(10) - Held, yes [Para 13] [In favour of assessee]
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