2020 (9) TMI 331

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...., Madras, 'A' Bench,('Tribunal' for brevity) in I.T.A.No.280/Mds/2017 for the assessment year 2012-13. The appeal has been filed, raising the following substantial questions of law. 1. Whether the Tribunal was correct in holding that the Section 80IB (10) deduction is to be allowed to the assessee only on two completed blocks during the present assessment years out of the total five blocks which the assessee has applied before the competent authority indicating the project as a whole? 2. Whether the Tribunal was right in granting relief u/s.80IB (10) on two completed blocks out of 5 blocks for which project approval has been obtained especially when the income tax act does not provide for any partial allowa....

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....aiyur, Tambaram for an area more than one acre, after obtaining approval from CMDA on 29.03.2007. The project was completed during the financial year 2011-12 relevant to the assessment year 2012-13 and upon completion, they obtained the Completion Certificate from the CMDA on 20.04.2011 and they were eligible for claiming deduction under Section 80 IB(10), as all conditions have been fulfilled. Further the assessee stated that they have consistently followed the completed contract method, since incorporation which has been accepted by the Assessment Officers for the earlier assessment years. The reply given by the assessee did not find favour with the Assessing Officer and accordingly, the assessment was completed under Section 143(3) by or....