2011 (10) TMI 685 - AT - Income Tax

Summary

Issues involved: Disallowance of assessee's claim for deduction u/s 80IB(10) due to lack of notification by CBDT for the housing project.

Summary:
The appeal was filed by a partnership firm engaged in the business of promoters, builders, and contractors against the disallowance of its claim for deduction u/s 80IB(10) by the Assessing Officer (AO) and confirmed by the CIT(Appeals). The AO disallowed the deduction as the project was not notified by the CBDT. The CIT(Appeals) upheld the disallowance due to the absence of the notification. The firm later produced a notification issued by the CBDT after the CIT(Appeals)'s order, requesting an opportunity to substantiate its claim. The Tribunal set aside the lower authorities' orders and remanded the matter to the AO for fresh consideration in light of the notification, granting the firm an opportunity to be heard. The appeal was treated as allowed for statistical purposes.

In conclusion, the Tribunal allowed the appeal and remanded the matter to the AO for reevaluation of the deduction claim u/s 80IB(10) based on the notification issued by the CBDT, providing the firm with a chance to support its claim.