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2017 (8) TMI 525 - AT - Income TaxGrant of deduction u/sec. 80IB(10) on pro-rata basis - exceeding maximum area requirement - blocks which are of less 1500 square feet area - Held that:- The issue in controversy is covered by the decision of Viswas Promoters Ltd. vs. ACIT [2012 (11) TMI 1117 - MADRAS HIGH COURT] wherein the High Court has set aside this issue in favour of the assessee stating that the assessee is entitled to succeed both on the principle of proportionality as well as by reason of the construction on the meaning of the expression "housing project" as referred u/s 80IB(10) - the mere fact that one of the blocks have units exceeding built-up area of 1500 sq.ft would not result in nullifying the claim of the assessee for the entire projects - Decided against revenue. Addition on account of donations which was neither claimed in A.Y. 2011-12 and nor in A.Y. 2008-09 - Held that:- We find that during the course of hearing the learned A.R. submitted the assessee has never claimed donation in its return of income in A.Y. 2011-12 or 2008-09. Therefore, when the assessee did not claim the donation there is no question of addition of ₹ 2,12,000/-. Therefore, we allow the same. Ground No. 1 is allowed. Disallowance of interest expenditure - proof of investments made out of own funds and borrowed funds were utilized for the purpose of business - Held that:- We find that the AO and the CIT(A) has not considered whether the assessee has given these advances towards purchase of property or loans have been given for the Bhoomi Acres project or not. Therefore, we restore this matter back to the file of the AO and the AO is directed to verify all the facts whether these loans are given for business purposes or not and decide the matter according to law.
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