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2016 (4) TMI 1232 - AT - Income TaxInvocation of revisional jurisdictional u/s 263 - non entitlement to claim deduction u/s 80IB(10) - Held that:- Assessing Officer duly examined the evidences filed by the assessee, bases of claim and found that the assessee has duly fulfilled the conditions laid down u/s 80IB(10) of the Act and accepted the claim of the assessee as is oozing out para 10.2 of the assessment order. The assessment order was not framed in a mechanical manner and was passed after application of mind and on appreciation of facts, considering the documentary evidences filed by the assessee. CIT-A ignored the factual matrix that the eligible housing project, for which claimed deduction u/s 80IB(10) of the Act was made, were consisting of building C (Ochana) and D (Allamanda) and the remaining buildings were not part of the eligible project. It is also noteworthy that even the ld. Assessing Officer has specifically mentioned in the assessment order that the assessee has satisfied all the conditions stipulated in the section with respect to these two buildings, therefore, there is no reason to disallow the claimed deduction, simply, because, the layout plan was entire land which was common for various buildings but the fact remains that for the remaining buildings, no such claim was made by the assessee, therefore, there is no reason to include buildings, A, B, E and F as part of the project for claiming deduction u/s 80IB(10) of the Act. So far as, the letter from the municipal corporation, Thane, is concerned, it is not relevant because for the remaining building, no deduction was claimed u/s 80IB(10) by the assessee. We are satisfied that requisite details were duly furnished by the assessee and the same were duly examined by the Assessing Officer. In such a situation, we are of the view, that there is a distinction between “lack of enquiry” and “inadequate enquiry”. In the present case the Assessing Officer collected necessary details, examined the same and then framed the assessment u/s. 143(3) of the Act. We set aside the order of the ld. Commissioner holding that invoking of revisions jurisdiction u/s 263 of the Act - Decided in favour of assessee.
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