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2021 (9) TMI 535 - AT - Income TaxDenial of exemption u/s.80IB(10) - single residential project OR multiple units - HELD THAT:- We are of the opinion that neither party’s submissions regarding the impugned issue of sec 80IB(10) deduction claim(s) therein, as the case may be, deserve to be accepted in entirety. So far as the Revenue’s objection(s) are concerned that none of the assessee’s residential projects is eligible for the impugned deduction, there is hardly any dispute that the learned coordinate bench has already declined the same regarding blocks “G, H, I, K, F, L” in the foregoing detailed discussion in preceding paragraphs. Meaning thereby that all these Revenue’s objections are presumed to have been raised and declined regarding the corresponding conditions enshrined in section 80IB(10) of the Act. We therefore, adopt the foregoing detailed discussion mutatis mutandis so far as the assessee’s residential projects, except “A”, “D” and “E” projects are concerned. The Revenue’s arguments to this effect are rejected accordingly. The assessee’s corresponding ground in the above housing projects stand accepted. Remaining three housing projects i.e. A, D and E - The assessee has not placed on record any corresponding clinching document to this effect as to whether it had filed the completion certificate in the prescribed format or not. We must also emphasize herein that the said prescribed proforma makes it mandatory for an applicant to submit “Building Completion Notice” which was submitted on 4.7.2014 only (supra). We thus adopt a different approach herein regarding the assessee’s impugned sec 80IB(10) Explanation (i), (ii) deduction claim(s) pertaining to its “A”, “D” and “E” housing projects. Learned lower authorities action rejecting the same stands upheld. Proportionate section 80IB(10) deduction claim - We therefore direct the assessing authority to frame its consequential computation as per law i.e. he shall reiterate his impugned sec 80IB (10) disallowance qua blocks “A”, “D” and “E” and delete the same pertaining to G, H, I, K, F, K and L in foregoing terms. It clear before the parties that both the learned representatives had placed record a catena of case law before us regarding the basic principles of interpretation and multi-dimensional facets of the impugned sec 80IB(10) deduction claim. The same are not dealt with specifically in view of the fact that the assessee herein has not completed its corresponding housing block(s)/project’s within the stipulated deadline falling 31.3.2013.
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