2013 (1) TMI 896

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....accepting the claim of the assessee even though the Board's notification dated 05.01.2011 specifically restricted the deduction, for projects approved between 01.04.2004 to 31.03.2008. 3. The CIT(A) erred in accepting the claim of the assessee that it was eligible for deduction u/s 80IB(10) on the basis of documents furnished before him which were not furnished before the Assessing Officer. 4. The CIT(A) erred in admitting the new evidence in contravention of Rule 46. 5. The appellant prays that the order of Ld. CIT(A0 on the above grounds be set aside and that of the Assessing Officer be restored. 2. The facts are that the assessee is a prop. of M/s K R Builders, which is engaged in the business as builders and developers. In th....

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.... u/s 80IB(1) by the AO was that the notification dated 3/8/2010 was not applicable for AY 2008-09 but in view of specific clarification issued by the CBDT subsequently on 5/1/2011, the notification dated 3/8/2010 will be applicable to all projects approved by a local authority under the SRA scheme on or after 1st day of April 2004 and before 31st day of March 2008 thereby making the income arising from such project eligible for deduction under sub section (10) of section 80IB from the AY 2005-06 onwards. The appellant also satisfies other conditions of the notifications, such as the project is approved by the Slum rehabilitation authority under category V of DC regulation 33(10) and such scheme does not fall under Category VII mentioned in ....

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....17th October 2004, can be taken as the date of approval as it was from this date the approval given by the SRA becomes operative. Thus, the contentions of the learned Departmental Representative cannot be sustained." 8. Since the issue is traveling from the preceding year, wherein, the coordinate bench has dismissed the appeal of the department, we do not find any reason to deviate from the findings of the coordinate Bench in assessment year 2007-08. Respectfully following the decision already taken by the coordinate Bench on the impugned issue in the assessee's own case, we sustain the decision of the CIT(A) and reject the grounds taken by the department. Grounds no. 1, 2 & 3 are therefore, rejected. 9. Ground no. 4 is with rega....