2016 (6) TMI 178

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..../s. 143(3) of the Act, was passed on 13. 3. 2013, determining the total income of the assessee at Rs. 4. 63 crores. 2. The effective Ground of appeal is about allowing deduction u/s. 80IB(10) of the Act Rs. 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 5. 8. 14 the Tribunal had dismissed the appeal of the AO. The Departmental Representative (DR) stated that because of the proviso to clause (a) and (b) of section 80IB(10) the assessee was not entitled to claim the deduction. 4. We have heard the rival submissions and perused the materia....

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....t 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 Rehabilitation Authority. It is the claim of the assessee 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. It was demonstrated before us that the CIT (A) examined the said provisions read with the notification issued by the CBDT in this regard and allowed the claim of the assessee. 4. On the other hand, Ld DR relied on the orders....

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....is not correct. The assessee has correctly relied on the decision of the Hon'ble ITAT in the case of Asha Kashiprasad Ringshia (supra), which is directly on the same issue and relevant portion as reproduced by the assessee in its submissions is again reproduced below. "Thus, rigors of the conditions enumerated in clauses (a) and (b) of section 80IB, has been relaxed by the relaxed by the legislature to achieve certain socio-economic object and, therefore, proviso to section 80IB should be given a liberal interpretation so as to not to defeat a genuine claim for deduction by a developer who undertakes to develop a housing project in a slum area under the scheme approved by the Central or State Govt. The CBDT which had issued the not....