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2017 (3) TMI 1758 - ITAT CHENNAIDeduction u/s 80 IB (10) - scope of amendment - HELD THAT:- No doubt, the amendment is effective from 01.04.2010 and the even AY 2010-11 is also covered under the explanation. However, amendment was made by finance act 2009 with effect from 01/04/2010 i.e. after allotment of the Flats by the assessee to Mr.N.Suresh Kumar and Shri Madhukar Gandhi. The Flats were allotted and registered in favour of both the individuals before the amendment came into force. Therefore, we are of the considered pinion that subclause (e) and (f) of Explanation of Sec.80 IB (10) is not applicable in the assessee’s case. The assessee relied on the discussion of this Tribunal ITAT ‘B’ Bench, Chennai in the case of ACIT v. M/s.Elegant Estates [2016 (5) TMI 1441 - ITAT CHENNAI] on similar issue which was held in favour of the assessee. In the instant case, the sale was made in 2008 and construction agreement was entered in 2008 and UDS was registered in 2008, all the formalities were completed during the FY 2008-09 relevant to the AY 2009-10. Therefore, we hold that the sub clause (e) and (f) of Explanation to Sec.80 IB (10) is not applicable in the case of the assessee and the assessee is entitled for deduction u/s.80 IB (10). Accordingly, we delete the addition made by the AO and set aside the order of the lower authorities. - Decided in favour of assessee. Disallowance of depreciation on motor cars - No evidence was furnished by the assessee to show that the vehicles are running on hire - HELD THAT:- During the assessment proceedings, the AO asked the assessee to produce details for verification of addition to assets as well as the evidence for running them on hire. The assessee did not produce the details called for by the AO. CIT(A) confirmed the order placing reliance on the findings of the AO. AR did not furnish any evidence to prove that the findings of the AO is erroneous before us. Therefore, we do not find any error in the orders of the lower authorities and the order of the Ld.CIT(A) is confirmed - Decided against assessee.
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