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2009 (8) TMI 760 - AT - Income TaxDeduction u/s 80IB(10)- deduction under s. 80-IB(10) in respect of profit earned on account of sale of shops (commercial project) to the tune of Rs. 11,58,704 - Held that: where commercial built-up area in a project is more than 10 per cent. deduction under s. 80-IB(10) can only be granted in respect of profits relatable to residential units as long as all the conditions of s. 80-IB(10) of the Act are fulfilled on a stand alone basis in respect of such residential units of the project. It is thus clear that irrespective of whether or not the conditions of s. 80-IB(10) of the Act are fulfilled on a stand alone basis relating to residential project, in a situation where commercial built-up area is more than 10 per cent the profits arising on sale of commercial units cannot be entitled for deduction under s. 80-IB(10) of the Act. Undoubtedly, there can be occasions when AO fails to bring an income to tax or grant excessive deduction and the remedy for these lapses are prescribed by the provisions of ss. 147, 154 and 263, etc. but all these sections have certain time-limits within which these sections can be invoked. Whether it is a rectification of a mistake, or initiation of proceedings for income escaping assessment, or even a revision proceeding everything must be completed within the prescribed time-limit. To suggest that even a proceeding before the Tribunal is a continuation of assessment proceedings and, therefore, the AO can be allowed to make up for his deficiencies will amount to rendering all these time-limits as nugatory and redundant.
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