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2016 (5) TMI 1441 - AT - Income TaxDeduction u/s 80IB - two flats were sold to the same persons, namely, Smt. Latha Ramachandran and Shri K. Ramachandran - Held that:- As far as the sale of residential unit to Smt. Latha Ramachandran and Shri K. Ramachandran was concerned, the issue was settled by Madras High Court and now pending before Apex Court. Unless the judgment of Madras High Court was reversed by the Apex Court, there cannot be any reason for the Revenue to reopen the issue once again. Therefore, this Tribunal do not find any justification in disallowing the claim of the assessee merely because two flats were sold to Smt. Latha Ramachandran and Shri K. Ramachandran. For flats exceeding 1500 sq.ft., a co-ordinate Bench of this Tribunal found that flat Nos.403 & 404, in fact, exceeded 1500 sq.ft. The language employed in Section 80- IB(10)(c) of the Act does not warrant deduction claim altogether if some of the units exceed the specific dimensions. The Tribunal in the earlier assessment year found that consequent disallowance has to be only on proportionate basis. This Tribunal placed its reliance on the judgment of Madras High Court in Arun Excello Foundations (P) Ltd. (2012 (12) TMI 415 - MADRAS HIGH COURT). No reason to confirm the orders of the lower authorities and accordingly, the same are set aside.
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