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2016 (3) TMI 251 - AT - Income TaxEstimation of NP - Additions at 12% of the receipt - Held that:- In the present case, we are therefore of the view that the net profit of 5.55% for the year under consideration also cannot be considered for working out the average profits because, it is after considering the land leveling expenses of ₹ 24.24 lacs which is also disputed by the Revenue. In such a situation, when the books of accounts are rejected, then for estimating the profits, for the reasons stated hereinabove, we are of the view that the average profits should be determined but after excluding the net profit for the impugned year and if that is considered, the average profit (after excluding the year under consideration is worked out), the average net profits works out to 12.79% and against which ld. CIT(A) has estimated the net profits from Kailash Developers at 12%, which in own view in the present facts, is at not much variance with the average profits of 12.79%. In such a situation, we are of the view that no interference to the order of ld. CIT(A) in estimating the net profits @ 12% of the Revenue from Kailash Developers is called for - Decided against assessee Denial of deduction u/s.80IB(10) - Non obtaining completion certificate within a period of 4 years - Held that:- When the housing project was approved on 10.03.2004 by the competent authority, condition for obtaining completion certificate within a period of 4 years from the date of approval being eligible for deduction u/s.80IB(10) of the Act was not applicable and therefore assessee was eligible for deduction u/s.80IB(10) of the Act - See ITO vs. Saket Corporation [2015 (6) TMI 460 - GUJARAT HIGH COURT ] - Decided against revenue
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