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2010 (7) TMI 605 - AT - Income TaxRevision - Valuation report - Deduction u/s.80-IB(10) - Whether the CIT was justified in treating the assessment order as erroneous in so far as it was prejudicial to the interest of the Revenue on two aspects - The order of the Assessing Officer in such as scenario cannot be considered as one passed without application of mind or as a stereo typed one or accepting the claim of the assessee as made by it, or an incorrect assessment done in breach of law or breach of principle of natural justice Regarding completion certificate - whether, for giving the benefit of deduction u/s.80-IB(10), where an assessee is following the percentage completion method, it is necessary to obtain such completion certificate for each year of his claim or is it sufficient that such certificate is obtained on the completion of the housing project as a whole - an assessee can have the benefit of Sec.80-IB(10) only in the year of completion of the project, especially so, for an assessee not following project completion method for accounting its income - there was clear application of mind by the Assessing Officer on the claim of assessee for deduction u/s.80-IB(10) of the Act and he had taken a possible view on such claim and allowed the deduction - As held by the Hon'ble Apex Court in the case of CIT Vs. Mox India Ltd. 295 ITR 282 when two views are possible and Assessing Officer had taken one view with which the CIT does not agree it cannot be considered an erroneous order, prejudicial to the interest of the Revenue - Decided in the favour of the assessee
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