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2011 (3) TMI 1775 - AT - Income TaxDeduction u/s 80IB - AO disallowed the deduction claimed holding, the assessee was not eligible for deduction as it did not fulfill all the conditions as laid down u/s. 80IB - HELD THAT:- We find that by the order of Mumbai Tribunal ‘J’ Bench in assessee's own case for A.Y. 2003-04 and A.Y. 2004-05, the matter has been decided by CIT(A), where it was held that, "In our opinion, there is no clear finding by both the authorities on this issue. We, therefore, considered it fit to restore this issue to the file of the A.O. for verifying whether the assessee fulfils one of the conditions regarding area of the plot on which building ‘C’ has been constructed, as required u/s.80IB(10)." Respectfully following the order of the Tribunal for A.Yrs 2003-04 and 2004-05, we restore the issue to the file of the AO to follow the directions in the order of the Tribunal in AY 2003-04 - Matter restored back Penalty u/s 271(1)(c) - Assessee’s claim of deduction was found to be not genuine in course of assessment proceeding and the claim of deduction was disallowed - CIT(A) confirmed the order of the AO levying penalty at the maximum rate of 300% of tax sought to be evaded - HELD THAT:- We find that the quantum appeal in assessee's own case for A.Y. 2003-04 by ITAT ‘J’ Bench has set aside to the file of the AO and directions have been given by the Tribunal to the AO to be followed during the assessment proceedings, hence we deem it fit that the matter of penalty shall also be restored to the file of the AO to decide the same in accordance with law - Matter restored back.
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