Dismissing the appeal of the revenue the Court held that ,amendment brought on 1-4-2010 vide clause (f) to section 80IB(10) barring such sale to related persons is prospective in nature . Since sale of flats by assessee took place in 2008 i.e., long before such amendment of section 80IB, deduction was to be allowed to assessee .( AY.2011-12)
CIT v. Elegant Estates. (2018)407 ITR 425/ 256 Taxman 433 (Mad) (HC)
S. 80IB(10) : Housing projects- Sale of flats to related persons- Amendment brought on 1-4-2010 vide clause (f) to section 80IB(10) barring sale of more than one flat in a housing project to related persons, is prospective in nature [ S.80IB(10)(f) ]