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2017 (4) TMI 774 - HC - Income TaxFulfillment of condition laid down in Section 80IB(10)(b) - area of the plot of land being minimum one acre - Held that:- Explanation (i) is clarificatory in nature and, therefore, subsequent approvals obtained by Assessee in view of addition of land to its credit, will not make any difference. In view thereof, question answered in favour of Revenue and against Assessee and we hold that Assessee did not satisfy the requirement of area of plot of land being minimum one acre. Since the project approved for the first time on 24.11.01 was in respect of land which measured only 2657 sq. mtrs. and even second approval when granted on 22.6.2003, total area of 2 plots was only 2657 sq. mtrs. and 52.44 sq. mtrs. which was again less than one acre. - Decided in favour of Revenue Filing of audit report in form 10CCB - If it is not filed alongwith return but filed before assessment, will it amount to non-compliance of Section 80IB (13) read with Section 80IA (7)? - Held that:- We answer question in favour of Assessee and against Revenue, holding that it is not mandatory and only directory and Assessee cannot be made to suffer if it filed audit report in form 10CCB in the course of assessment proceedings and not alongwith return.- Decided against Revenue
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