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2017 (7) TMI 1444 - ITAT PUNEDeduction u/s 80IA(4) - conditions of IPS-2008 were not fulfilled by the assessee - assessee's project was not notified by the Govt. for claim of deduction u/s 80IA(4) for the A.Y. under consideration - HELD THAT:- We are making reliance on the said decision of Tribunal in assessee’s own case [2016 (8) TMI 1586 - ITAT PUNE] and M/s. Kolte Patil Developers [2015 (3) TMI 363 - ITAT PUNE] we uphold the order of CIT(A) in allowing the claim of deduction under section 80IA(4)(iii). Deduction u/s 80IB(10) in respect of Kumar Puram project - Tribunal had noted the said issue as already decided the issue in assessment year 2001-02 and relying on the same held the issue to be identical and allowed the claim of assessee. AO in the present case has also disallowed the claim of assessee under section 80IB(10) of the Act in respect of Kumar Puram project, in turn, relying on the assessment orders in earlier years. Revenue has failed to point out any difference in the factual aspects and consequently, we find no merit in the ground of appeal No.2 raised by the Revenue and the same is rejected. The grounds of appeal raised by the Revenue are thus, dismissed. Disallowance of interest expenditure under section 36(1)(iii) - availability of interest free funds - HELD THAT:- The issue arising in the present appeal is identical to the issue before the Tribunal in earlier years and even the advances were made in earlier years and following the same parity of reasoning, we remit this issue also back to the file of Assessing Officer to determine the availability of interest free funds and also to work out the disallowance of interest under section 36(1)(iii) of the Act, if any, in line with directions of Tribunal in earlier year. The Assessing Officer shall afford reasonable opportunity of being heard to the assessee. Accordingly, grounds of appeal No.6 to 6.3 raised by the assessee are allowed for statistical purpose. The grounds of appeal raised by the assessee are thus, partly allowed as indicated above.
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