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2015 (9) TMI 796 - AT - Income TaxValidity of reopening u/s.147 - proportionate deduction u/s.80IB(10) - Held that:- As regards the argument of the Ld. Counsel for the assessee that no reasons are recorded for issue of notice u/s.148 for both these assessment years, we find from the perusal of the order sheet entries that the reasons recorded by the AO are sufficient for reopening of the assessment. The argument of the Ld. Counsel for the assessee that the reopening is based on change of opinion is without any merit since the assessments for A.Yrs. 2005-06 & 2006-07 were completed u/s.143(1) and therefore there was no application of mind by the AO. Therefore, it cannot be said that the reopening of the assessments is based on change of opinion especially when new tangible material has come in the possession of the Assessing Officer. In this view of the matter, we are of the considered opinion that the reopening of the assessments by the AO is valid. Since in the instant case the project has been approved prior to 01-04-2005 and the assessee has admittedly completed construction of all the 7 buildings, therefore, the denial of deduction u/s.80IB(10) for non production of completion certificate for the 7th building is not justified in view of the decision of M/s. Satish Bora & Associates Versus Assistant Commissioner of Income Tax (2011 (1) TMI 1215 - ITAT PUNE ). In view of the above decision, the assessee is not required at all to submit the completion certificate since the project has admittedly been approved prior to 01-04-2005. Therefore, the claim of deduction u/s.80IB(10) in respect of all the 7 buildings in our opinion has to be allowed to the assessee. We hold and direct accordingly. In view of our above findings, the grounds raised by the revenue challenging the pro-rata deduction granted by the CIT(A) become infructuous and are dismissed. - Decided in favour of assessee.
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