{"id":17461,"date":"2021-05-01T14:45:57","date_gmt":"2021-05-01T09:15:57","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-s-n-builders-and-developers-2021-431-itr-241-karnhc\/"},"modified":"2021-08-29T19:06:15","modified_gmt":"2021-08-29T13:36:15","slug":"cit-v-s-n-builders-and-developers-2021-431-itr-241-karnhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-s-n-builders-and-developers-2021-431-itr-241-karnhc\/","title":{"rendered":"CIT v. S. N. Builders and Developers (2021) 431 ITR 241 \/ 279 Taxman 347(Karn)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that the\u00a0 Tribunal was correct and the assessee was entitled to the benefit of proportionate deduction under section\u00a080IB(10)\u00a0of the Act in respect of flats which conformed to the limits under the relevant provisions of the Act. Court also held that the\u00a0 the Institute of Chartered Accountants has issued a clarification that revised Accounting Standard 7 is not applicable to the enterprises undertaking construction activities. The assessee was right in following the project completion method of accounting in terms of Accounting Standard 9(AY. 2009-10).<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 80IB(10) : Housing projects-  Built -up area &#8211; Proportionate deduction can be granted  -Method of accounting &#8211; Project Completion method can be adopted.  [ S.133A  ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-17461","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-4xD","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17461","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=17461"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17461\/revisions"}],"predecessor-version":[{"id":21220,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/17461\/revisions\/21220"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=17461"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=17461"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=17461"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}