2014 (8) TMI 1062

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....tified in allowing deduction under section 80IB (10) of the Income Tax Act of Rs. 1,03,79,815/- in respect of profit derived from development of residential building by holding that assessee is covered by proviso to clause (a) and (b) of section 80IB (10) without appreciating the fact that the project was approved by the Slum Rehabilitation Authority on 7.10.2002 which did not fall within the period of approval as per Board's Notification No.2 of 2011. 2. Whether on the facts and in the circumstances of the case and in law the Ld CIT (A) was justified in holding that revised project and plan of the assessee was approved clause (a) and clause (b) of section 80IB (10) of the Act and as such rigors of clause (a) and clause (b) would n....

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....ding categorically by holding that the project in question is a Slump Rehabilitation Project and the time limit provided in the statute will not be applicable to the assessee in view of the proviso to section 80IB(10). The contents of para 6.1 of the impugned order are relevant and the same reads as under: "6.1. Therefore, from the proviso below clause (b) of sub-section 80IB(10), it is clear that if any project is declared within the scheme framed by Central Government or Statement from Slum Rehabilitation / redevelopment, then regors of clause (a) and clause (b) will not apply to such projects. There is no denial of the fact that the project of the assessee has been approved as Slum Rehabilitation Project by Slum Rehabilitation A....