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2017 (9) TMI 1939 - AT - Income TaxDeduction u/s 80IB(10) - Non completion of project on time - projects approved by the local authority or not? - Housing Projects approved prior to the amendment - comparison between the pre-amended and post-amended provisions of clause (a) of section 80IB(10) - HELD THAT:- As the assessee’s project, since approved prior to the amendment to sub-section (10) of section 80IB of the Act by the Finance (No.2) Act, 2004 w.e.f. 01-04-2005 is required to be completed by 31-03-2008 - assessee should have completed his project on or before 31-03-2008 for becoming eligible for claim of deduction u/s.80IB(10) of the Act. It is an undisputed fact that the project in question has never been completed even till date for some reason or the other and sustainable reason or otherwise. The assessee is having obligation to complete the project before the due date for becoming eligible to claim deduction u/s.80IB(10) of the Act. Assessee failed to discharge the same. It appears to be assessee’s case that he wants to avail the benefit of said provisions and does not want to pay taxes on the income of the project while the same is incomplete. Therefore, we dismiss the said ground holding that the amended provisions of clause (a)(i) of section 80IB(10) of the Act apply to the Housing Projects approved prior to the said amendment. - Decided against assessee.
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