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2015 (8) TMI 1505 - AT - Income TaxAssessment u/s 153C - HELD THAT:- The assessee’s claim that no incriminating documents were found during the course of search and the proceedings u/s 153C of the Act are not factually correct. There are certain documents seized during the search which reflect certain receipts which are not reflecting in the books of accounts. Since there were incriminating documents which were seized during the search operation, the CIT(A) was justified in sustaining the issue of notice issued u/s 153C of the Act as legal and valid. Addition on account of receipts of bank OCR (owners contribution receipt) - HELD THAT:- Issue needs verification at the level of the Assessing Officer wherein the cross-verification from the bank with regard to margin money is required to be established. The requirement of certification with respect to disbursement of loan needs verification. The investigation from the purchasers is necessary to know the correct facts. Considering all these aspects, we remand this issue to the file of the Assessing Officer for verification and then decide the issue. Deduction u/s 80IB(10) - Approval of housing project - HELD THAT:- The assessee got the project sanctioned. The assessee got approved housing project on 17.6.2004 in its own name as colonizer. The project was completed in F.Y. 2007-08, as per the sanctioned plan from Municipal Corporation, Bhopal. None of the residential units was sanctioned for more than 1500 sq.ft. The assessee completed the project in the stipulated period of four years as per the approved plans. The assessee has developed and completed the infra-structure, approach road, water line sewerage line and electrification work as per the norms laid down by 28.1.2008. The possession letter was also issued to the customers on the completion of the residential units in all respect. These possession letters were signed by all the customers. The purchasers got permanent electricity connection from M.P. Electricity Board as customer. The permanent electricity connections are given only on the completion of the houses/flats. The persons who have purchased these units have paid property taxes to the Municipal Corporation, Bhopal. All these evidences show that the assessee has constructed and developed the project and completed well within time provided u/s 80IB(10 Visakhapatnam Bench of the ITAT in the case of M/s Vishnu Builders vs. ACIT [2011 (11) TMI 638 - ITAT VISAKHAPATNAM] observed that completion certificate was not filed before the Assessing Officer and the proof of municipal tax assessment of various flat owners establishing that the housing project was completed before September, 2008 was filed. Since there was no practice of issuing the project completion certificate, therefore, it was held that it was not a condition precedent of filing the completion certificate for allowing deduction u/s 80IB(10).
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