2013 (2) TMI 763

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....n ORDER PER SHAILENDRA KUMAR YADAV, JM: This appeal has been filed by the Revenue, wherein deletion of penalty of Rs. 8,72,520/- levied on assessee u/s.271(1)(c) has been opposed. 2. The assessee is a builder and he claimed deduction u/s.80IB(10) comprised of total built up area of 20,254.63 sq.mt. out of which residential units is 17,947.14 sq.mt., and built up area of shops construct....

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....ect of commercial area at Rs. 21,86,470/-. The said project was approved by the Pune Municipal Corporation in accordance with the DC Rules as a housing project on 06.10.2000 and the completion certificate has been obtained vide certificate dated 31.03.2003. Therefore, the commencement as well as the completion of the project has been before the amendment to section 80IB(10) which was brought w.e.f....

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....ty. As the assessee has disclosed entire claim u/s.80IB(10) in return of income filed for A.Y. 2005-06, which was subsequently withdrawn during A.Y. 2003-04 and Assessing Officer in assessment proceedings has reduced the claim on account of calculation of profit for the residential and commercial part sold by the assessee during the year under consideration. The facts emerged that assessee made a ....