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2019 (8) TMI 898 - HC - Income TaxReopening of assessment u/s 147 - deduction u/s 80IB(10) denied - Section 80- IB(10) which is substituted w.e.f. 1.4.2005 is not applicable to the project approve before 01.04.2004 - whether any condition that the project in question should be completed and obtained completion certificate with the period of four years? - HELD THAT:- In view of the observation in M/S. SARKAR BUILDERS [2015 (5) TMI 555 - SUPREME COURT]we are of the opinion that the projects which were approved prior to 1.4.2005 the applicability of Section 80IB(10) (d), of the Act is not permitted. In other words, Section 80(IB)(10)(d) of the Act will be applicable prospectively and not retrospectively. Once it has come on record by fact finding Authority also that there is no such condition to have completion certificate within four years from the local authority granting approval of the projects in question, the reassessment proceedings taken against the assessee are bad and against the settled principle of law. Therefore, the Tribunal has rightly set aside the re-assessment proceeding and directed the assessing authority to grant benefit of Section 80IB(10) to the assessee. - Decided in favour of assessee
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