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2016 (4) TMI 121 - AT - Income TaxPenalty under section 271(1)(c) - assessee claimed deduction under section 80IB(10) - Held that:- the assessee is entitled to the claim of deduction under section 80IB(10) of the Act on completed portion of building from year to year, if the assessee fulfills the requirement of completing the building by stipulated date i.e. 31.03.2008. Admittedly, in the facts of the present case, the assessee had completed the building before 31.03.2008 and even applied for completion certificate on 29.03.2008 after receiving the requisite No Objection Certificates from various departments and also the completion certificate issued by the Architect. In the above said facts and circumstances, where the assessee has furnished complete details in respect of its claim of deduction under section 80IB(10) of the Act and merely because the same was denied to the assessee on some premise, which does not hold good in today’s scenario of settled position of law.We find no merit in the order levying penalty under section 271(1)(c) of the Act in this regard. The facts in ACIT Vs. M/s. Rohan Engineering Construction (supra) are identical to the facts before us, where the assessee was not able to obtain the completion certificate by the appointed date and the deduction under section 80IB(10) of the Act was denied and it was held by the Tribunal that the assessee is not liable for levy of penalty under section 271(1)(c) of the Act. Following the same parity of reasoning, we reverse the order of CIT(A) and direct the Assessing Officer to delete penalty under section 271(1)(c) - Decided in favour of assessee
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