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2019 (2) TMI 2083 - BOMBAY HIGH COURTDeduction u/s 80IA - deductions to the assessee who is an undertaking which develops and operates or maintains and operates an Industrial Park - HELD THAT:- In the present case, the assessee had already developed the Industrial Park and as many as 21 units were already operational as admitted by the revenue. These units were sold during the assessment year in question. The profit arising out of such sale was accounted for in the said year and offered to tax. As therefore, that the assessee was entitled to deduction in respect of such profit. The assessee was following Percentage Completion Method and not Project Completion Method and was therefore obliged to account for the revenue generated from the sale of the units during the year in question itself. Any other view would amount to the assessee offering the income arising out of the sale of the units to tax during the current year on which no deduction u/s 80IA of the Act would be available under the Act. ITAT has not erred allowing claim of deduction u/s 80IA(4) in favour of the assessee for the impugned assessment year. Decided in favour of assessee.
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