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2016 (12) TMI 865 - AT - Income TaxRevision u/s 263 - claim of deduction under section 80IB(10) wrongly allowed - Held that:- We find that the findings as recorded by the Commissioner were contradictory and conflicting and there was no of application of mind to the facts on records and he proceeded to set aside the assessment for the reasons which were conflicting and based upon wrong appreciation of facts on record. On one hand the commissioner has observed that audit report in Form 10CCB was not filed whereas contradicting his own observation he further noted that AO failed to examine the audit report filed along with the return of income. According to the assessee the column no.26 of the audit report of form No.10CCB the column was marked as NIL as the assessee had not claimed any deduction u/s 80IB(3,4,5 and 7) whereas column No.29 and 30 were duly filled in and ₹ 4,12,60,224/- was mentioned as claim of deduction u/s 80IB(10) of the Act which appears to be correct. We also find that there was a certificate appended by the Auditor at the end of the said form in respect of the claim under section 80IB(10) of the Act . Thus the assessment framed by the AO was correct and was wrongly set aside by the Commissioner by exercising revisionary jurisdiction/powers u/s 263 of the Act. The case of the assessee is also supported and squarely covered by the decision in the case of Hindustan Samuh Awas Ltd (2015 (10) TMI 2306 - BOMBAY HIGH COURT ) in which the Hon’ble Bombay High Court has held that even if the project is part completed and was granted completion certificate for the work completed, the assessee is entitled for claiming benefit u/s 80IB(10) of the Act - Decided in favour of assessee
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