Dismissing the appeal of the revenue the Court held that the Tribunal is justified in allowing the exemption in respect of housing project which is approved by the local authority as residential plus commercial within the limits prescribed under Development Control Rules/Regulation, deduction under section 80IB(10) upto 31-3-2005. Followed CIT v. Veena Developers ( 2015) 277 CTR 297 / (2016) 66 taxmann.com 353 (SC)
CIT v. Indo Continental Hotels and Resorts Ltd. (2019) 107 taxmann.com 161 /264 Taxman 294 (Raj.)(HC) Editorial: SLP of revenue is dismissed, CIT v. Indo Continental Hotels and Resorts Ltd. (2019) 264 Taxman 293 (SC)
S. 80IB(10) : Housing projects-Residential plus commercial-Commercial user is permitted by local authority was within local limits-Entitle to exemption.