Deduction u/s 80IB(10) of Income Tax Act Applies to Undertaking Developing and Building Housing Projects, not to Mere Partner in a Joint Partnership Firm: ITAT [Read Order]

Deduction - Income Tax Act - Income Tax - Building Housing Projects - Partnership Firm - Firm - ITAT - taxscan

The Hyderabad Bench of Income Tax Appellate Tribunal (ITAT) held that the deduction under Section 80IB(10) of the Income Tax Act,1961 can be claimed by the joint venture and not by the assessee who is merely a partner in the partnership firm. The assessee Sai Teja Constructions is a partnership firm engaged in the business…

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