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2013 (6) TMI 250 - ITAT PUNEClaim u/s.80IB(10) disallowed - As per AO assessee has not utilised the fully permissible FSI - CIT(A) deleted the addition - Held that:- There is nothing in the provision to suggest that there is a necessity that entire permissible FSI on the plot of land has to be consumed. It is prerogative of builder to consume the FSI on the plot and there are various factors which are in the domain of builder itself. There is nowhere envisaged in the law that the entire FSI should be utilised for the purpose of claiming deduction u/s.80IB(10). The assessee's size of the plot as per completed building plan is 7638 sq.mt. and permissible built up area was 4569 sq.mt. which is more than 1 acre (4047 sq.mt.). Secondly, the approval to construct from the local authority is 21.06.2003 which is after 01.10.1998. Thirdly, the residential unit developed and built up area of 300 sq.ft. per unit which is less than 1500 sq.ft. as applicable to Nashik, and lastly the construction has been completed as per the completion certificate on 04.11.2006 which is before 31.03.2008. Thus all the conditions have been complied by the assessee for claiming deduction u/s.80IB(10) on the housing project. AO was not justified in rejecting the claim on the ground that assessee has not utilised the fully permissible FSI - appeal filed by the Revenue dismissed.
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