Section 80ib

This query is : Resolved

CA Ankit Gulgulia (Jain) (Querist)
Follow

14 September 2011 Some assesses have a division which carry out several housing projects. In such projects difficulty arise as to preparing separate balance sheets for each project as the resources are common. Rule 18BBB requires separate report [10CCB] for each “Undertaking or Enterprise” of the assessee should be accompanied by profit & loss account and balance sheet of the undertaking or enterprise as if the undertaking or the enterprise was a distinct entity. Reading Rule 18BBB and section 80-IB together means “undertaking” and “housing projects” mean two different things. Can it be interpreted that the requirement of Rule 18BBB is met if Balance Sheet of a Division [being treated as “Undertaking or Enterprise covering various “Housing Projects” is common.

Any Specific Citation or Reference will be very Useful

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
Follow

15 September 2011 In the provisions of Section 80IB you are to claim the profit as exempted and not the investment. So for each project separate P & L a/c is required provided all other conditions are fulfilled.