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2017 (4) TMI 401 - AT - Income TaxClaim of deduction u/s 80IB (10) - delay in getting BU permission - Held that:- Although the assessee has filed for issuance of completion certificate to the local authority well before the stipulated dates i.e. 31.03.2008 except in assessment years 2009-10 wherein the relevant date is 31.03.2009 pertaining to the fourth project (supra), the same is held up because of technical reasons. We refer to hon’ble jurisdictional high court’s decision in Tarnetar Corporation (2012 (10) TMI 803 - GUJARAT HIGH COURT ) upholding this tribunal’s order for assessment year 2006-07 wherein the project in question had been approved before 01.04.2004, the said assessee applied for BU permission to the local authority before 31.03.2008 which stood rejected followed by subsequent revised permission on 19.04.2009. Their lordships observe in said factual backdrop that delay in getting BU permission cannot be held to be fatal to Section 80IB(1) deduction claim as “not every condition of the statute can be seen as mandatory” in case the same stands substantially complied with. We are of the opinion in this factual and legal backdrop that we have to necessarily follow hon’ble jurisdictional high court’s decision even if the Revenue finds strong support of any hon’ble non jurisdictional high court deciding the very issue against the assessee. We follow our detailed discussion on the issue of completion of assessee’s residential projects in all the remaining for assessment years involving Revenue’s as many appeals and assessee’s cross objections hereinabove. We thus find no reason to reverse ld. CIT(A)’s identical conclusion extracted in preceding paragraphs holding the assessee to have completed the residential projects before 31.03.2008 and 31.03.2009; as the case may be (supra). The Revenue’s appeal fail.
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