Saturday, December 24, 2011

Partial completion of housing project Eligibility for deduction under section

 
Partial completion of housing project Eligibility for deduction under section 80-IB(10)

Assessee can claim deduction under section 80-IB on year to year basis, in view of the Circular of the CBDT dated 30-6-2009, even though the assessee proposes to construct on the entire extent of land and paid the development charges in this regard. Therefore, where the assessee completed the project in respect of one block, the assessee was eligible for deduction under section 80-IB( 10) of the Act in respect of the same. – Vide Nagarjuna Homes v.Income Tax Officer (2011) 42(II) ITCL 199 (Hyd-Trib)

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