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2014 (12) TMI 929 - AT - Income TaxDeduction u/s 80IB deleted – Held that:- as per sub-section 10 of section 80IB of the Act, the housing projects which were approved before 31st day of March, 2008, the benefit will be hundred per cent subject to fulfilment of certain conditions - this condition was substituted by Finance (No.2) Act of 2009 with effect from 1.4.2009 which has been further explained by sub-clause (ii) to Explanation regarding completion certificate - since the approval was granted to the assessee on 1.4.2005, therefore, the assessee is not expected to fulfill the conditions which were not on the statute when such approval was granted to the assessee - the law existing at the particular point of time will be applicable unless and until it is specifically made retrospective by the legislature - The substitution so made, is therefore, applicable prospectively and not retrospectively - approval was granted to the assessee on 16-3-2005, consequently the assessee was expected to complete the project on or before 31-3-2009. The assessee is expected to complete the project as per the approved plan at a particular point of time and the assessee is not expected to do or to fulfill the conditions which are not in existence at the relevant point of time or made compulsory after making some amendment in the Act from the future date - since the assessee was to complete the project on or before 31- 3-2009 and request was duly made with the Competent Authority on 5-11-2008 mentioning that the project has been completed and completion certificate may be issued and if the same is not issued by the Competent Authority the assessee should not be penalized for the same unless and until some contrary facts are brought on record evidencing that the assessee contravened the conditions contained in the approval granted by such Competent Authority - as per sub-section (10) of Sec. 80-IB, the housing project which were approved before 31st day of March, 2008, the benefit will be hundred per cent subject to fulfillment of certain conditions. However, this condition was substituted by the Finance (No.2) Act of 2009 with effect from 1-4-2009, which has been further explained by sub-clause (ii) to the Explanation regarding completion certificate. However, since the approval was granted to the assessee on 1-4-2005, therefore, the assessee is not expected to fulfill the conditions which were not on the statute when such approval was granted to the assessee – Decided against revenue. Claim of depreciation on computer peripherals @ 60% - Held that:- Following the decision in COMMISSIONER OF INCOME TAX Versus BSES YAMUNA POWERS LLD. / BSES RAJDHANI POWERS LTD. [2010 (8) TMI 58 - DELHI HIGH COURT] - computer accessories and peripherals such as, printers, scanners and server etc. form an integral part of the computer system - the computer accessories and peripherals cannot be used without the computer - as they are the part of the computer system, they are entitled to depreciation at the higher rate of 60% - CIT(A) was justified in deleting the additions – Decided against revenue.
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