2017 (4) TMI 1522

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..... the facts and in the circumstances of the case and in Law, the Ld. CIT(A) has erred in allowing deduction of Rs. 90,41,235/- to the assessee out of addition of Rs. 90,41,235/- made by the Assessing Officer on account of disallowance of claim of deduction u/s.80IB(10) of the Act." 3. Brief facts of the case ares that the return of income declaring income of Rs. 20,27,444/- was filed on 15th October, 2010. The assessee was engaged in the business of construction activities. Subsequently, the case was selected under scrutiny by issuing notice u/s. 143(2) on 25th August, 2011. During the course of assessment proceedings, the assessing officer noticed that assessee has claimed deduction of Rs. 90,41,235/- at 100% of its total profit u/s. 80IB(1 .....

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..... the impugned order of the assessing officer, the revenue filed appeal before the ld. CIT(A). The ld. CIT(A) has allowed the claim of the assessee by observing as under:- "5. I have considered the facts of the; case and submissions of the appellant. It is clear from the assessment order and submissions of appellant that the date of permission from SUDA as on 05.02.1997 has been taken by AO from purchase deed of land filed by appellant during assessment proceedings. But, it was clarified by appellant during assessment proceedings to AO as well as during appellate proceedings that said date of permission was granted to earlier owner of the land, not the appellant. It has been clearly explained that Late Shri Omprakash Gulabchand Varma, fath .....

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..... and date of completion as on 31.03.2010 for computing the deduction u/s. 80IB(10) of the Act. As per subclause (ii) of clause (a) of section 80IB(10), in a case where housing project has been or is approved by local authority on or after 01.04.2004 and completed within 4 years from the end of financial year in which the housing project is approved by local authority, deduction u/s..801B(10) is allowable oh the profit earned by assessee on such project. In the case of appellant, project was commenced on 23.02.2007 and completed within 4 years from the end of financial year of commencement. Thus, the condition of completion of project within prescribed time is fulfilled by assessee in her case. In case of other conditions for allowing deduct .....

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