TaxTMI 
TaxTMI 
2021 (7) TMI 896
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....the assessee nor any adjournment application was filed. The present appeal is an old appeal filed in 2016. Considering the aforesaid facts, we proceed to dispose of the appeal ex parte qua the assessee after considering the material on record and after hearing by the Learned DR. 3. The relevant facts as culled from the material on records are as under : 4. Assessee is a company who filed its return of income for A.Y. 2010-11 on 25.02.2011 declaring total income at Rs. 21,44,77,250/-. The case was selected for scrutiny and thereafter assessment was framed u/s 143(3) of the Act vide order dated 14.03.2013 and the total income was determined at Rs. 31,32,16,815/-. 5. Aggrieved by the order of AO, assessee carried the matter before the CIT(A....
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....hed by the assessee noted that the project was approved by GDA on 02.06.2005. He noted that no separate approval was taken for 80IB project (i.e. VISTA A & B block & VISTA D & E block). He also noted that map approved by GDA contains all the 5 sub blocks. He also noted that as per the provisions of Section 80IB(10), the assessee was required to furnish the date of completion of construction housing project. He noted that though the assessee has furnished completion certificate dated 14.01.2010 but certificate was granted subject to fulfillment of various conditions. He noted that assessee has not provided any details or evidence regarding fulfillment of those specified conditions. He also noted that as per the condition stipulated u/s 80IB(....
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....xceed 5% of the total area (i.e. 76885.03 sq. ft.). In the case of the assessee, since built up commercial area was 76885.03 sq. ft., which is more than 2000 sq. ft., the conditions stipulated in Section 80IB(10) were not been fulfilled. Considering the totality of aforesaid facts, AO denied the claim of deduction of Rs. 9,87,39,565/- which was claimed by the assessee u/s 80IB(10) of the Act. 8. AO also noted that assessee has followed project completion method as its accounting policy during the year under consideration and it was also followed in preceding financial year. According to the aforesaid policy, the sale was recognized after sale deed was registered to the local authority. AO was of the view that assessee was neither adopting....
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.... in A.Y. 2009-10, had relied on the order of CIT(A) for A.Y. 2008-09. He thereafter by following the order of his predecessor directed the AO to accept the method of accounting consistently followed by the assessee. 10. As far as the deduction u/s 80IB(10) of the Act is concerned, with respect to the flats whose built up area exceeded area prescribed limit of 1000 sq. fit., CIT(A) following the decisions of various Tribunal cited in the order held, that assessee was eligible for proportionate deduction u/s 80IB(10) of the Act in respect of 70 flats out of the 106 flats sold during the year under consideration. On the issue of denial of deduction on account of non-fulfillment of condition under clause (d) of Section 80IB of the Act i.e. the....