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2018 (12) TMI 43 - HC - Income TaxReopening of assessment - admissibility of deduction u/s 80IB(10) in respect of Tans Residency Project - AO had rejected the claim inter alia on the ground that the development and construction of housing project had commenced prior to 01.10.1998 (which was the crucial date for claiming the benefits under Section 80IB(10)) - Held that:- All necessary facts were before the AO while deciding the original assessment. During such assessment, the assessee's claim of deduction was also minutely examined by the AO. Reopening of assessment beyond the period of four years was, therefore, correctly disallowed by the CIT(A) and the Tribunal. As noted, the only source available with the Assessing Officer to contend that relevant material was not brought on record by the assessee was assessment in case of M/s. Abode Builders. Here also, there is one vital defect in the logic adopted by the Assessing Officer. We do not find any where any material to suggest that the development and construction of the housing project commenced before 01.10.1998. Even in the reasons recorded, AO has not linked any material in order to make this observation. He has mainly relied on the findings of the AO of M/s. Abode Builders. This conclusion was reversed by the CIT(A) noting that in fact all along there was evidence suggesting that the commencement of construction of the housing project was some time in the year 2002. Assessee points out that the assessment order in case of M/s. Abode Builders was set aside by the CIT(A) and the same was confirmed by the Tribunal. No failure on the part of the assessee to disclose truly and fully all relevant facts as correctly held by the CIT(A) and the Tribunal - Decided in favour of assessee.
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