C.I.T MUMBAI vs M/S SARKAR BUILDERS

The Supreme Court addressed the applicability of Section 80IB(10) of the Income Tax Act, which allows for a 100% deduction of profits for housing projects, emphasizing that the conditions of the section must be satisfied. The Court upheld the decisions of various High Courts that granted the deduction to assessees whose projects were sanctioned prior to the amendment but completed after its enactment on 01.04.2005. The ruling clarified that the timing of project completion relative to the amendment does not negate eligibility for the deduction under the amended provisions.