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2017 (3) TMI 483 - AT - Income TaxDisallowance of deduction u/s 80IB(10) - Held that:- There is no dispute with regard to approval, development and building housing project. As per the AO, the assessee was required to furnish Completion Certificate of Project for claiming the deduction. The ld. CIT (A) has given finding that the assessee has furnished Completion Certificate in respect of 11 blocks out of 13 blocks i.e. except block A-5 & A-6. This fact is not controverted by the revenue. In respect of remaining two blocks, the assessee had applied to the concerned authority and sent various reminders. It is observed by the ld.CIT (A) that as per the regulations governing the issuance of Completion Certificate, in case the assessee makes an application and the Completion Certificate is not issued within 30 days from the receipt of such application, the assessee would give a notice to the competent authority. After expiry of 15 days, it would be deemed that completion certificate has been issued. This fact is also not controverted by the revenue by placing any contrary material on record. Therefore, in our considered view the AO was not justified in declining the deduction on this ground. We, therefore, do not see any reason to interfere into the finding of ld. CIT (A). Another objection of the AO was that the assessee has violated the provisions of section 80IB(10(f). It is pointed out by the ld. Counsel for the assessee that this provision came into effect from w.e.f. 01.04.2010 whereas the flats were sold in between 01.04.2009 and 31.03.2010. Therefore, the provisions were not applicable. The ld. CIT (A) has also recorded this fact in his order. The fact that the provisions of section 80IB(10(f) was introduced in the Statute Book with effect from 01.04.2010. Therefore, the transactions related to prior period do not come within the ambit of newly introduced provision. - Decided in favour of assessee TDS u/s 194C - disallowance of expenses on account Interest expenses under section 40(a)(ia) - Held that:- We find that the ld. CIT (A) has deleted the addition by taking into consideration the judgment of the Hon’ble Allahabad High Court in the case of Vector Shipping Services Ltd. (2013 (7) TMI 622 - ALLAHABAD HIGH COURT) also been followed by the Coordinate Bench of the Tribunal in the cases of Girdhari Lal Bargoti (2015 (11) TMI 746 - ITAT JAIPUR) thereby allowing the claim of the assessee. - Decided in favour of assessee
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