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2011 (4) TMI 642 - AT - Income TaxDeduction u/s 80-IB - It is clear that only to the developer who develops the project in its entirety as per the approved plan can be given benefit of deduction u/s80-IB of the Act in respect of profits derived from such project - Find that the conditional approval has been granted by the assessee by the competent authority but the assessee has not filed any completion certificate of the project in question within the stipulated period of four years - Even the sanction/approval is subject to fulfilment of certain conditions mentioned in the certificate - However, the learned Commissioner of Income-tax (Appeals) has not given any finding with regard to status of the assessee whether the developer or merely a contractor - Therefore, set aside the order of the learned Commissioner of Income-tax (Appeals) on the issue of allowability of deduction u/s 80-IB of the Act and the matter is restored to the file of the Assessing Officer for deciding afresh after asking the assessee to produce completion certificate of the project which should be prior to 31-3-2008 by the local authority - Hence, the appeal of the revenue is allowed for statistical purposes.
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