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Section 80IB of Income-Tax Act, 1961

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Section 80IB of Income-Tax Act, 1961

Related Cases / Recent Cases / Case Laws

  • Commissioner of Income Tax v M s Meghalaya Steels Limited, Civil Appeal Jurisdiction, Civil Appeal No 7622 OF 2014, Supreme Court of India judgment dated March 9, 2016
  • January 2012: Benefit of section 80-IB(10) available even to a developer who is not an owner of land Provisions of section 80-IB(10) nowhere require that only those developers who themselves own the land would receive the deduction under said section Neither the provisions of section 80-IB nor any other provisions contained in other related statutes demonstrate that ownership of land would be a condition precedent for developing housing project Section 80-IB(10) provides for deduction to an undertaking engaged in business of developing and constructing housing projects under certain circumstances; it does not provide that the land must be owned by assessee seeking such deductions Tribunal committed no error in holding that the assessees were entitled to the benefit under section 80-IB(10) even where the title of the lands had not been passed on to the assessees and in some cases, the development permissions may also have been obtained in the name of the original land owners - [2012] 17 LNIN 156 (Gujarat)
  • December 2011: [2011] 16 LNIN 254 (Chennai - Trib.): Where some of residential units developed by assessee exceeded area of 1500 sq. ft., it was entitled to claim deduction under section 80-IB(10) pro rata for housing units having area of less than 1500 sq. ft.

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