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2018 (11) TMI 1249 - AT - Income TaxAllowing pro-rata deduction u/s. 80IB(10) - Held that:- The allowability of proportionate deduction u/s. 80IB(10) in respect of completed units is no more res integra. Hon’ble Bombay High Court in the case of Commissioner of Income Tax Vs. Brahma Associates [2011 (2) TMI 373 - BOMBAY HIGH COURT] and Commissioner of Income Tax Vs. Vandana Properties [2012 (4) TMI 54 - BOMBAY HIGH COURT] approved allowing of proportionate deduction u/s. 80IB(10) in respect of completed eligible units. The Tribunal in catena of orders have been consistently allowing proportionate deduction u/s. 80IB(10) in respect of units which are complete in every respect in consonance with the conditions set out u/s. 80IB(10) of the Act - no infirmity in the findings of Commissioner of Income Tax (Appeals) in allowing pro-rata deduction to the assessee in respect of completed residential units. Allowing deduction u/s. 80IB(10) considering size of plot as more than one acre after including area acquired for DP road - Held that:- The total area of size of plot on which the housing project has been constructed is 7689 sq. mtrs. After reducing the area of 1502.25 sq. mtrs. acquired by PCMC for construction of approach road, the net area of the plot on which the residential complex has been constructed is 6186.75 sq. mtrs. AO while computing the area of plot only considered saleable area of Wing A and B and further erred in reducing the area ear marked for DP road. The Assessing Officer worked the total area of plot as 3808.56 sq. mtrs. The First Appellate Authority while adjudicating this issue followed the decision rendered in the case of Commissioner of Income Tax Vs. Vandana Properties [2012 (4) TMI 54 - BOMBAY HIGH COURT] and Bunty Builders Vs. Income Tax Officer [2010 (2) TMI 791 - ITAT, PUNE] and calculated the size of plot by including the area marked for DP road and the other areas excluded by Assessing Officer.
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