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2016 (5) TMI 313 - AT - Income TaxDeduction under section 80IB(10) - Held that:- The project in respect of buildings ‘A’ and ‘B’ has been completed by 31.03.2009 and where non-completion of building ‘C' was beyond the control of assessee, since it had not received FSI within stipulated period, we find no merit in the orders of authorities below in denying deduction under section 80IB(10) of the Act to the assessee for prorata units completed by the assessee before stipulated date. The issue in this regard is settled by various decisions of the High Courts including the decision of Hon’ble Bombay High Court in CIT Vs. Vandana Properties reported in (2012 (4) TMI 54 - BOMBAY HIGH COURT ), wherein it has been held that the developer is entitled to prorata deduction under section 80IB(10) of the Act on the completed units. The assessee has completed the project and also applied for the completion certificate within stipulated date, then the assessee is entitled to the claim of deduction under section 80IB(10) of the Act. We reverse the order of CIT(A) in denying deduction under section 80IB(10) of the Act to the assessee on completed flats of the project. Accordingly, we direct the Assessing Officer to allow proprata claim of deduction under section 80IB(10) of the Act. - Decided in favour of assessee
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