2020 (8) TMI 314

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..... e and in law, whether the learned CIT(A) was justified in allowing the assessee deduction under section 80IB of the Act, when the project was not completed within time limit." 2. Brief facts relating to the disputed issue are, the assessee, a partnership firm, filed its return of income for the impugned assessment year on 27th September 2015, declaring total income of Rs. 65,05,630, after claiming deduction under section 80IB(10) of the Income Tax Act, 1961 (for short "the Act"). The aforesaid deduction was claimed for the development of a housing project named as Mayuresh Residency, at Bhandup (West), Mumbai. In the course of assessment proceedings, the Assessing Officer while examining assessee's claim of deduction under section 80IB(10) .....

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..... years 2010-11, 2011-12, 2012-13 and 2013-14. He submitted, the decisions of the Tribunal in assessment years 2010-11 and 2011-12 have also been confirmed by the Hon'ble Jurisdictional High Court while dismissing Revenue's appeals. Further, he submitted, the housing project in respect of which the assessee had claimed deduction under section 80IB(10) of the Act commenced on 10th September 2007, and was completed on 18th March 2013. Thus, he submitted, the condition of section 80IB(10)(a)(iii) of the Act stands fulfilled. Thus, he submitted, the decision of learned Commissioner (Appeals) should be upheld. 5. Shri Manjunatha Swamy, the learned Departmental Representative, though, agreed that the issue in dispute is covered by the decision .....

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..... completion certificate issued by the competent authority as additional evidences. The Tribunal having found the completion certificate to be in order and being convinced with the fact that the conditions of section 80IB(10) of the Act have been fulfilled in all respect, allowed assessee's claim of deduction under the said provision while disposing off the appeals being ITA no.1531-1532/Mum./2014, vide order dated 3rd November 2016. It is worth mentioning, the aforesaid decision of the Tribunal was brought to the notice of the Assessing Officer in the course of the assessment proceedings for the impugned assessment year. However, the Assessing Officer has declined to follow the decision of the Tribunal on the flimsy grounds that he has not .....

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