2021 (7) TMI 904

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....achdeva, Advocate ORDER PER N. K. BILLAIYA, AM: This appeal by the revenue is preferred against the order of the CIT(A)-3, Delhi dated 11.05.2015 pertaining to A.Y.2011-12. 2. The solitary grievance of the revenue is that the CIT(A) erred in deleting the addition of Rs. 28271269/- made by the AO on account of deduction u/s. 80IB (10) of the Act. 3. Briefly stated the facts of the ca....

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....ompleted only upto the extent of 30.78%. The AO was of the opinion that four years have since lapsed and the assessee needs to complete the project within 5 years the AO accordingly formed a belief that the claim of the deduction of the assessee expires and hence not eligible for the claim of deduction u/s. 80IB (10) of the Act. The AO accordingly disallowed the claim of deduction amounting to Rs.....

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....ntage of project completed that years. Obviously except in the lost year, the assessee will be offering income even though the project (and in the individual flats) would not have been completed. As clarified in the Circular such profits offered are also entitled relief u/s. 80lB. The AO is at liberty to determine the correct profit under the percentage completion method and also withdraw the reli....