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Dy. CIT-3 (2) , Mumbai Versus M/s. Omega Investment & Properties Ltd.

2016 (6) TMI 178 - ITAT MUMBAI

Deduction u/s. 80IB(10) - profit derived from development of residential building - allowability of deduction u/s 80IB (10) when the project in question is cleared after approval of the Slum Rehabilitation Authority - Held that:- The due dates for completion of project provided under subsection-10 of section 80IB are not applicable to the project like this in view of the immunity provided under proviso to clause (a) & (b) of the said sub-section 10 of section 80IB. - Decided against assessee - I .....

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77; 69. 86 Lakhs. The assessment order u/s. 143(3) of the Act, was passed on 13. 3. 2013, determining the total income of the assessee at ₹ 4. 63 crores. 2. The effective Ground of appeal is about allowing deduction u/s. 80IB(10) of the Act ₹ 3. 90 crores . 3. During the course of hearing before us the Authorized Representative (AR) stated that similar ground of appeal were raised by the department before the Tribunal for the AY 2009-10 (ITA No. 997/M/2013), that vide its order dated .....

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ng deduction under section 80IB (10) of the Income Tax Act of ₹ 1,03,79,815/- in respect of profit derived from development of residential building by holding that assessee is covered by proviso to clause (a) and (b) of section 80IB (10) without appreciating the fact that the project was approved by the Slum Rehabilitation Authority on 7. 10. 2002 which did not fall within the period of approval as per Board s Notification No. 2 of 2011. 2. Whether on the facts and in the circumstances of .....

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been approved on the date on which the building was approved by the local authority for the first time. The Tribunal had adjudicated the issue as under: 3. During the proceedings before us, at the outset, Shri Rakesh Joshi, Ld Counsel for the assessee brought our attention to the above mentioned grounds and mentioned that the only issue raised before the Tribunal relates to the allowability of deduction u/s 80IB (10) when the project in question is cleared after approval of the Slum Rehabilitat .....

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ders of the Revenue Authorities. 5. We have heard both the parties and perused the orders of the Revenue Authorities as well as the relevant material placed before us. After hearing both the parties and on perusal of the CIT (A) s order, we find the CIT (A) has given the finding categorically by holding that the project in question is a Slump Rehabilitation Project and the time limit provided in the statute will not be applicable to the assessee in view of the proviso to section 80IB(10). The co .....

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Rehabilitation Authority of Maharahtra State and the approval has been given on 4. 6. 2004, therefore, it is clearly covered by the proviso below clause (b) of subsection 80IB(10), whereas, any other restriction for date of start and completion put by any notification or instruction etc cannot override the act of Parliament. Hence, considering any such notification and holding such project out of the applicability of the proviso below clause (b) of sub-section 80IB(10) by the AO is not correct. .....

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