dear all,
as u all know that there is a big recession in real estate industries.cos are getting its very difficult to complete and sale their projects in hand.as far as completion concern there is shortage of liquidity. banker also not intersted to finance the project..
as far as sale is concern there is lack of demand or buyers are expecting more price cut.
now take a example, if a company is carrying a project as define in section 80 IB.it has started work one year ago. now 25% of project is complete but due above problems company is not in position to complete the project within stipulated time.
let us assume that project is not completed within stipulated time,than as per current condition the benefit of 80 IB will be lost.
can we expect that goverment take a step to give support to real estate cos by extending the time limit or allowing proportionate deduction.
for above can we make a writ pettion.
pls comment
CAclubindia
