Dismissing the appeal of the revenue the Court held that housing project which took palce in 2007-08, the amendment brought on 1-4-2020 vide caluses (e) and (f) to section 80IB(10) is prospective in nature. Court also held that the unaccounted money found in the course of search,dedcution u/s 80IB(10) cannot be denied. (AY. 2010-11)
Mandavi Builders v. Dy. CIT (2021) 133 taxmann.com 413 (Karn.)(HC) Editorial : SLP is granted to the revenue; DCIT v. Mandavi Builders. (2022) 285 Taxman 4 (SC)
S. 80IB(10) : Housing projects-Amendment brought on 1-4-2020 vide caluses (e) and (f) to section 80IB(10) is prospective in nature-Unaccounted money found in the course of search-Dedcution u/s. 80IB(10) cannot be denied.