ITAT allows Deduction Claim u/s 80IB (10) of Income Tax Act in respect of Flats which Area Exceeds 1000 sq.fts Excluding Balcony Open to Sky [Read Order]

The Delhi bench of ITAT allowed deduction under Section 80IB(10) of the Income Tax Act for residential flats exceeding 1000 sq. ft., excluding open-to-sky balconies. Representing the assessee, Mr. Rajkumar argued successfully that the issue had previously been decided in favor of the assessee. The tribunal directed the Assessing Officer to allow the deduction for flats where balconies open to the sky were excluded from built-up area calculations. It further instructed a fresh examination by the AO on discrepancies in measurements, providing the assessee an opportunity to present their case. The two-member bench comprising Dr. B.R.R. Kumar and C.N. Prasad upheld the deduction for flats exceeding 1000 sq. ft. as per their interpretation of Section 80IB(10).