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2022 (4) TMI 745 - HC - Income TaxDis-allowance u/s.80IB(10) - assessee had failed to file his return of income within the stipulated time under Section-139(1) and the project namely The Venus Parkland Project was not completed within the period of 05 years from the end of the year in which the approval was granted by the local authority u/s 80IB(10) - HELD THAT:- The ratio in the case of Saket Corporation [2015 (6) TMI 460 - GUJARAT HIGH COURT] appears to be that in a case where the assessee completes the construction of its entire housing project and thereafter applied for the BU Permission within the prescribed time-limit, then irrespective of the fact whether such BU permission has been granted or not before the prescribed date, the assessee would be entitled to deduct under Section-80IB(10) As regards the delay in filing the returns under Section- 139 of the Act is concerned, the finding recorded by the tribunal as above is that in view of the provisions of Section-92E, the assessee was required to get the transfer pricing report in the Form 3CEB. In such circumstances, the assessee had the benefit of the extended period of the due date for filing of the return. Thus, in our opinion, no error not to speak of any error of law could be said to have been committed by the tribunal in affirming the order passed by the CIT(A) and thereby dismissing the appeal filed by the revenue.
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