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2012 (7) TMI 45 - ITAT, AHMEDABADDeduction u/s 80IB - denial on ground that assessee was not the owner of the property and deduction is not available to developer - Held that:- For the purpose of claiming deduction u/s 80IB(10) it is not necessary for the assessee to own the land since such condition is not mentioned in the Section, it would not be correct to deny deduction on this ground. Order of CIT(A) allowing deduction upheld. See Faquir Chand Gulati Vs. Uppal Agencies Pvt. Ltd (2008 (7) TMI 159 (SC)) - Decided in favor of assessee. Sundry Balances written off - exclusion for computing deduction u/s 80IB - Held that:-In case of supplier payments sometimes the Appellant deducts some amounts and pays the bills. Since the amounts are generated during the course of business the same are eligible for deduction u/s 80IB(10). Interest received on delayed payments from customers - exclusion - Held that:- Issue is now directly covered by the decision in case of Nirma Industries Ltd. v. Dy. CIT (2006 (2) TMI 92 (HC)), wherein it was held that “Interest received from trade debtors for late payment of sales consideration – interest received from trade debtors for late payment of sales consideration is income derived from the business of the industrial undertaking and it cannot be excluded from the profits of the industrial undertaking while computing deduction u/s 80-I" - Decided in favor of assessee. Sale of scrap - exclusion - Held that:- Deduction u/s 80IB(10) cannot be allowed on income generated from sale of scrap - Decided against the assessee.
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