2021 (8) TMI 167

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....stances of the case. 3. The brief facts as emanating from the record are that the assessee is a partnership firm engaged in the business of promoters, builders and contractor. The assessee filed its return of income declaring total income at Nil. In the scrutiny assessment proceedings, the AO issued notices u/s. 143(2) and 142(1) of the Act and determined the income of the assessee at Rs. 75,87,219/- by denying claim of deduction u/s. 80IB(10) of the Act. The CIT(A) by placing reliance on the decision of this Tribunal held the assessee is entitled to proportionate deduction u/s. 80IB(10) of the Act to 'A' Wing and denied deduction to 'B' Wing. Having aggrieved for denial of deduction to sale of one flat in 'B' Wing, the assessee is before....

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....ng the same, the AO denied deduction u/s. 80IB(10) of the Act by holding the assessee has not satisfied the condition laid down u/s. 80IB(10)(a) of the Act and denied deduction concerning the above said three flats. He further submits that the CIT(A) in principle agreed that the assessee is entitled to proportionate deduction concerning the sale of flats in the year under consideration and allowed deduction to 'A' Wing, but denied such allowance to 'B' Wing. The ld. DR, Shri Vitthal Bhosale relied on the order of AO and argued the provisions u/s. 80IB(10) of the Act explains, the deduction is available, if the housing project is completed within 5 years from the date of sanction of approval for project construction. The assessee did not sat....