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2013 (10) TMI 1386 - AT - Income TaxEligibility to claim of deduction u/s 80IB - Held that:- Amendment to Section 80IB(10) was brought by the Statute w.e.f. assessment year 2005-06, accordingly, assessee’s claim for deduction, on the plea of for non-filing of completion certificate cannot be declined in the assessment year 2003-04, under consideration. No inirmity in the order of CIT(A) for allowing assessee’s claim of deduction u/s 80IB(10). Reopening of assessment - withdrawal of claim - Held that:- As per C.B.D.T. instructions, assessee is eligible to claim deduction u/s 80IB on the basis of progress of the project and without waiting for its completion and Assessing Officer is also required to consider assessee’s claim while framing assessment u/s 143(3)/143(1). If the Assessing Officer finds that all the conditions of Section 80IB has been complied with except the completion certificate, which can be furnished only after completion of project within stipulated period, the Assessing Officer is required to allow the proportionate claim attributable to the completion of project by the end of relevant financial year. If subsequently, the Assessing Officer finds that after completion of statutory period the assessee has failed to furnish the completion certificate, the deduction so allowed knowingly is liable to be withdrawn. Accordingly, we do not find any infirmity in the order of CIT(A) for upholding the reopening of assessment for the purpose of withdrawal of deduction claimed and allowed u/s 80IB(10). No infirmity in the orders of lower authorities for withdrawal of claim of deduction allowed u/s 80IB(10)while framing assessment u/s 143(3), due to non-furnishing of completion certificate, after completion of stipulated period of four years which expired on 31.03.2008.
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