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2017 (3) TMI 1714 - HC - Income TaxPenalty u/s 271(1)(c) - Deduction u/s 80IB (10) denied - assessee does not satisfy the conditions to avail the benefit in the orders of assessment passed on 30.12.2008 and 17.12.2009 - Held that:- In the present case, AO found that the assessee has produced a invalid project approval certificates. The invalidity was in respect of automatic cancellation of the permission to raise construction of building. Another ground for imposition of penalty was that possession was given to the allottees before obtaining the a completion certificates which is said to be in gross violation of condition No.7 of the approval certificate. Such facts have been taken into consideration by the Commissioner of Income Tax (Appeals), wherein the Commissioner has recorded the finding referred to above. The fact is that the assessee claimed deduction u/s 80IB(10) for the reason that the a project approval certificates was filed and the possession delivered. May be the technical formality of obtaining completion certificate was not satisfied, but it will not mean that the assessee has claimed incorrect or false deduction. Mere non-satisfaction of a condition of deductions will not mean that the assessee has furnished incorrect return, which will make it liable for penalty. - decided in favour of assessee.
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