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2017 (1) TMI 445 - AT - Income TaxClaim of deduction u/s 80IB (10) - denial of claim for want of evidence that the project was completed within this stipulated time limit i.e. 31-03-2013 - Held that:- Before us the learned Counsel for the assessee Shri Percy Pardiwala took us through the completion certificate granted by BMC vide dated 10-09-2007 in respect of this project.The learned counsel further took us through occupation certificate issued by Municipal Corporation of Grater Mumbai vide CE/1154/BPES/AS dated 26-02-2013 and also another approval CE/1154/BPES/AS dated 04-03-2013 this approvals covers full occupation permission for blocks “A”, “B”, “C”, “D” and “E” of building comprising of stilt + 1st to 19th + (part) 20th upper floors and ground floor of this project. As regards to the withdrawal of claim for AY 2012-13, the learned Counsel for the assessee stated that due to wrong impression, the assessee first withdrawn his claim and then revised the same claim before the AO by filing a revised return for AY 2012-2013 dated 03-03-2014 during the pendency of assessment proceedings. The learned counsel for the assessee informed that this claim is pending before CIT (A) for the AY 2012-13. In view of the above facts, the learned Counsel for the assessee stated that the building was completed on 31-03-2013 and not otherwise, as alleged by the CIT (A) in his order. We find from the above facts that the project is completed and occupation in respect of all the blocks that is “A”, “B”, “C”, “D” and “E” are obtain within stipulated time limit of 31-03-2013 and there is no violation of any of the conditions mentioned in the provisions of Section 80IB (10) of the Act. Accordingly we have no hesitation in allowing this claim of assessee - Decided in favour of assessee
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