Section 80IB limit inapplicable to housing projects approved before 1-4-2005
Jun. 15, 2016
Assessees claimed benefit u/s 80IB which provides for deduction of 100% of profits for developing and building housing projects. Different High Courts held that assessees are entitled to deduction. Amendments were made by Finance Act No 2 of 2004, dated 1.4.2005, but the assessees' housing projects were sanctioned before 1.4.2005. Suprme Court held that s 80IB(10)(d) did not apply to projects approved before 1.4.2005.