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2012 (12) TMI 7 - AT - Income TaxReassessment u/s 147 - Issuance of notice when the after four years have been expired. - held that:- In the assessment year 2002-03, the return was filed on 30th October, 2002, and notice was issued u/s 148 on 24.2.2009. In this year, return was originally processed u/s 143(1) and there was no scrutiny assessment u/s 143(3), therefore, contention of the assessee that since reopening was initiated after four years from the end of the relevant assessment year under proviso to Section 147 reopening was not valid, does not hold true in so far as there was no scrutiny assessment u/s 143(3). Therefore, proviso to Section 147 is not applicable. - Decided against the assessee. Deduction u/s 80IB - held that:- no merit in the order of lower authorities for decline of claim of deduction on the ground of not fulfilling condition of furnishing the completion certificates, which condition was made effective by the Finance Act, 2004,w.e.f. 2005-06. Deduction u/s 80IB - contractor versus Developer - held that:- The facts for assessment year 2002-03 to 2004-05 are similar, wherein the assessee had undertaken development of project as a whole rather than simple work as contractor. - Deduction allowed - Decided in favor of assessee. With respect to the assessment year 2006-07 and 2007-08 - it has to be deemed that the date of the completion is the same as the date claimed by the assessee. By referring to all these decisions, the assessee has also highlighted the absurdity in Explanation (ii) of Section 80IB(10) with regard to completion certificate. After highlighting various decisions, the ld. Authorized Representative has submitted that absurdity has to be avoided in interpretation of the statutory provisions. Similarly, where the interpretation leads to futility, it cannot be accepted. Rule of reasonable construction was also highlighted with reference to the C.B.D.T. Circular as well as Judicial pronouncement by Hon'ble Supreme Court. It was also contested that the rule of beneficial interpretation should be applied and fiscal statute must be interpreted in favour of the assessee. Assessing Officer directed to decide this issue of completion certificate after verifying the certificate of completion dated 22.3.2010 placed on record and in terms of the observations made in this order. In the result, the appeals for the assessment years 2001-02 to 2004-05 are allowed. Appeal for assessment year 2005-06 is dismissed and appeals for assessment years 2006- 07 and 2007-08 are allowed for statistical purposes.
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