Tribunal upholds deduction under Section 80IB(10) and rejects objection to assessment reopening.

The Tribunal dismissed the Revenue's appeal and the assessee's cross objection, upholding the order allowing deduction under Section 80IB(10) of the Income Tax Act. The Tribunal rejected the objection against the reopening of assessment under Section 147 of the Act, emphasizing the project's compliance with legal requirements and consistency in higher authorities' judgments.

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Issues:
1. Appeal against order allowing deduction U/s. 80IB(10) of the Act.
2. Cross objection against reopening of assessment U/s.147 of the Act.

Analysis:

Issue 1: Appeal against order allowing deduction U/s. 80IB(10) of the Act:
The appeal by the Revenue challenges the order passed by the Commissioner of Income Tax (Appeals) regarding the deduction U/s. 80IB(10) of the Act for the assessment year 2008-09. The Revenue contends that the Ld.CIT(A) erred in allowing the deduction based on the High Court's decision in the assessee's case for the previous assessment year, while the Revenue's appeal was pending before the Supreme Court. The Revenue argued that the assessee obtained approvals separately for each block, disqualifying them from the deduction. However, the Ld.CIT(A) granted relief to the assessee, emphasizing the project was a composite one and met the necessary conditions for the deduction. The Tribunal upheld the Ld.CIT(A)'s decision, citing consistency in judgments and the project's compliance with the law.

Issue 2: Cross objection against reopening of assessment U/s.147 of the Act:
The assessee raised cross objections against the reopening of assessment U/s.147 of the Act, arguing it was bad in law. The Ld.AR did not present arguments on this issue during the hearing. The Tribunal noted that this ground was not raised before the authorities previously. Consequently, the Tribunal found no merit in the cross objection raised by the assessee.

In conclusion, both the Revenue's appeal and the assessee's cross objection were dismissed by the Tribunal, upholding the order allowing the deduction U/s. 80IB(10) of the Act and rejecting the objection against the reopening of assessment U/s.147 of the Act. The Tribunal's decision was based on the project's compliance with legal requirements and the consistency in judgments from higher authorities.

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