Assessee claimed deduction under S. 80-IB(10) in relation to income of housing development.AO rejected assessee’s claim on ground that some residential units exceeded specified built up area of 1500 sq. ft. Tribunal held that simply because out of several units included in housing project, only in one of them, constructed area exceeded upper limit; that too, by a small margin, deduction claimed could not be denied in respect of entire housing project. High Court confirmed order passed by Tribunal.
PCIT v. Shreenath Buildcon ( 2019) 110 taxmann.com 389 (Guj.) (HC) Editorial : SLP of revenue is dismissed ; PCIT v. Shreenath Buildcon. (2019) 267 taxman 115 (SC)
S. 80IB(10) : Housing projects-One of the unit constructed exceeded the upper limit-Deduction cannot be denied to entire housing projects – Exemption is not allowable only in respect of the unit exceeded the prescribed limits.