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2015 (6) TMI 358 - ITAT HYDERABADRejection of claim u/s 80IB(10) - Project not completed within stipulated time – Completion certificate not furnished – Held that:- As decided in assessee's own case [ 2014 (1) TMI 1232 - ITAT HYDERABAD ] though the assessee's case is related to A.Ys. 2007-08 and 2008-09, the project was got approved by the concerned local authority before 1.4.2004. The provisions of section 80IB as stood prior to the amendment are applicable to the assessee's case. As the substitution of Explanation to clause (a) to subsection (10) of section 80IB of the Income-tax Act, 1961 was brought in under Finance (No. 2) Act of 2004, effective from 1.4.2005. Thus, in the absence of any such requirement read into the section, we find it difficult to accept the observation of the AO that the claim for deduction was rejected on the ground that the assessee had not furnished the completion certificate. The controversy on issue of completion certificate is irrelevant at this point of time in view of the judgment of Madras High Court in the case of CIT vs. Jain Housing & Construction Ltd. [2012 (11) TMI 588 - MADRAS HIGH COURT] though the certificate issued by the Zonal Commissioner is to be considered as proper. - Decided in favour of assesse.
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