ASSISTANT COMMISSIONER OF INCOME TAX, CENTRAL CIRCLE 6(4), MUMBAI, MUMBAI vs. COSMOS CONSTRUCTIONS, THANE

ITA 8234/MUM/2025Status: DisposedITAT Mumbai21 September 2026AY 2012-135 pages
AI SummaryDismissed

What were the facts?

The Revenue appealed against the CIT(A)'s order allowing deduction under Section 80IB(10) on a pro-rata basis for a housing project. The assessee claimed deduction for three buildings, and the AO noted completion before the due date, but the CIT(A) directed proof of completion certificates.

What did the Tribunal hold?

The Tribunal held that deduction under Section 80IB(10) can be allowed proportionately for the eligible portion of a housing project. This is supported by various High Court decisions, including the jurisdictional Bombay High Court.

What were the issues?

Whether deduction under Section 80IB(10) can be allowed on a pro-rata basis for a housing project where only a part of the project meets the conditions.

Which sections of the Income-tax Act were involved?

Section 80IB(10)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI CHALLA NAGENDRA PRASAD & SHRI G. M. DOSS

Pronounced: 21.09.2026

PER G.M. DOSS, ACCOUNTANT MEMBER :

This appeal by the Revenue is directed against the order dated 17.09.2025 passed by the learned Commissioner of Income-tax (Appeals) for the assessment year 2012-13. The dispute in the present appeal relates to the assessee's claim of deduction under section 80IB(10) of the Income-tax Act, 1961, in respect of the profits derived from the housing project “Cosmos Lounge” at Thane, comprising three buildings, namely, Orchid, Angelica and Holly

The order continues below.

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