Assessing Officer disallowed the claim \u00a0on ground that some residential units were sold to single or related persons or a single person, thus, contravening clauses (e) and (f) of section 80-IB(10) . Tribunal allowed the claim on appeal by revenue the Court held that\u00a0 amendment brought on 1-4-2010 vide clauses (e) and (f) to section 80-IB(10) are prospective in nature , since sale of flats by assessee took place in 2007-08, such amendment to section 80-IB(10) could not be applied . Deduction is rightly allowed by the Appellate Tribunal\u00a0 . Court also affirmed the order of the Tribunal wherein\u00a0\u00a0 the Appellate Tribunal held that\u00a0\u00a0 \u00a0unaccounted money found during search proceedings at premises of assessee-company, engaged in business of building and developing housing project, was treated to be business income of assessee by Assessing Officer, assessee could not be denied deduction under section 80-IB(10) in respect of such receipt . \u00a0\u00a0(AY. 2010-11)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80IB(10) : Housing projects- Sale of flats to single or related persons \u2013 Amendment is prospective- Unaccounted income found in the course of search -Business income \u2013 Deduction cannot be denied [ S.80IB(10)(e), (f) ] S. 80IB(10) : Housing projects- Sale of flats to single or related persons \u2013 Amendment is prospective- Unaccounted income found in the course of search -Business income \u2013 Deduction cannot be denied [ S.80IB(10)(e), (f) ] <\/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-19814","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-59A","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19814","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=19814"}],"version-history":[{"count":3,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19814\/revisions"}],"predecessor-version":[{"id":26765,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/19814\/revisions\/26765"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=19814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=19814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=19814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}