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2016 (4) TMI 425 - AT - Income TaxClaim deduction u/s.80IB(10) - Held that:- Clause (d) inserted to section 80IB(10) with effect from April 1, 2005, is prospective and not retrospective and hence could not be applied for the period prior to April 1, 2005. Since deduction u/s.80IB(10) were on the profits derived from the housing projects approved by the local authority as a whole, the Tribunal was not justified in restricting the section 80IB(10) deduction only to a part of the project. However, in the present case, since the assessee had accepted the decision of the Tribunal in allowing section 80IB(10) deduction to a part of the project, the findings of the Tribunal in that behalf could not be disturbed. Since the AO following the order for preceding assessment years has denied the claim of deduction u/s.80IB(10) and since the CIT(A) following the order of the Tribunal in assessee’s own case for the preceding assessment years have allowed the claim of deduction u/s.80IB(10) and since the jurisdictional High Court has also decided the issue in favour of the assessee in assessee’s own case for A.Y. 2003-04, therefore, in absence of any contrary material brought to our notice the order of the CIT(A) has to be upheld. Merely because the revenue has filed an SLP before the Hon’ble Apex Court, the same cannot be a basis to take a contrary view than the view taken by the jurisdictional High Court in absence of any contrary material - Decided in favour of assessee
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