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2020 (12) TMI 170 - AT - Income TaxDeduction u/s 80IB(10) denied - date of sanction of project from Surat Development Authority as on 05.02.1997 is gathered by the A.O. from the sale deeds of the land where the assessee undertaken the development of project - permission was granted to earlier owners - assessee has not fulfilled the condition laid down in section 80IB(10) of the Act has the completion of project was not within Four (04) years from 01.04.2004 as laid down under section 80IB(10) - HELD THAT:- Considering the decision of Co-ordinate Bench of Tribunal in assessee’s case for A.Y. 2010-11 [2017 (4) TMI 1522 - ITAT AHMEDABAD] on identical set of facts, on identical grounds of appeal and respectfully following the same, we do not find any illegality or infirmity in the order of the ld. CIT(A) wherein the ld.CIT (A) followed the order of his predecessor for A.Y. 2010-11, thus, we affirm the order of Ld. CIT(A). Moreover, the AO has not disputed the fact that the sanction of development of housing project was granted to the assessee only on 23.02.2007 and that the assessee completed the project well within time from 23.02.2007. In the result, appeal of Revenue in Ground No.1 and 2 are dismissed. Addition u/s 68 - HELD THAT:- Almost in all cases substantial payments are made by cheques. Therefore, there is no logic to treat those advances as unexplained. Before us assessee also explained that all amounts were received as advance. The assessee executed sale deeds of various units / flats, copy of sale deeds are placed before us. We find that the ld. CIT(A) passed the order after considering all those documentary evidences. Before passing the order the ld.CIT(A) granted opportunity to the AO to furnish his remand report. In the remand report, the AO made a general remark despite the fact that the complete details were available on the registered sale deeds. In view of the above discussion, we do not find any infirmity in the order passed by the ld.CIT(A) in deleting the addition under section 68 - Decided in favour of assessee. Unexplained deposits - HELD THAT:- No adverse material is brought against the documentary evidence nor was any contrary submission made by the ld. DR for the revenue. Therefore, keeping in view that the sale deed is registered before Government Authorities and has direct relevance with the fact in issue, therefore the additional evidence admitted. Considering the evidence in the form of registered sale deed in favour of Sandeep Poonamiya for purchase of flat No. B-502, we are in principle agree that the assessee has fully explained this deposit. Thus, we direct the AO to verify the facts and delete this addition - Hence, this part of addition is allowed for statistical purpose.
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