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2012 (12) TMI 59 - AT - Income TaxDeduction u/s.80IB(10) – denial of deduction because the assessee had constructed more commercial area than permitted under clause (d) of sec. 80IB(10) – Held that:- Assessee commences the project but is able to complete only in the previous year relevant to asst. yr. 2005-06. As per the change in law from asst. yr. 2005-06 with regard to the area of commercial space in a housing project the assessee would loose his eligibility to claim deduction. In such cases, there is definitely grave hardship to the assessee - legislature would not have intended to take away a vested right without clear words to that effect in the provisions of s. 80-IB(10) as amended by the Finance Act, 2005, w.e.f. 1st April, 2005 - law as it existed in the asst. yr. 2004-05 when the assessee submitted its proposal for slum rehabilitation and the permission for carrying out the development was accorded on 17th Nov., 2003 and when the assessee commenced development is to be applied - Revenue’s appeal is dismissed
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