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2022 (8) TMI 295 - AT - Income TaxAddition u/s. 80IB(10) - project which was not completed on or before 31-03-2008 - HELD THAT - We hold that the assessee is not entitled to claim deduction u/s. 80IB(10) of the Act for the project construction which was not completed before the stipulated period as prescribed u/s. 80IB(10)(a)(i) of the Act. Thus the order of CIT(A) is justified and grounds raised by the assessee are dismissed.
Issues Involved:
Appeals against the CIT(A)'s order for assessment years 2010-11, 2011-12, and 2012-13 regarding the deduction claimed under section 80IB(10) of the Income Tax Act. Detailed Analysis: Issue 1: Deduction u/s. 80IB(10) of the Act for A.Y. 2010-11 The primary issue in this appeal was whether the CIT(A) was justified in confirming the addition u/s. 80IB(10) of the Act. The Tribunal noted that the assessee had claimed deduction for a project not completed before the specified date. Referring to previous Tribunal orders, it was established that the assessee was not entitled to claim deduction u/s. 80IB(10) for incomplete projects. The Tribunal upheld the CIT(A)'s decision, dismissing the assessee's grounds for claiming the deduction. Issue 2: Appeals for A.Ys. 2011-12 & 2012-13 In the subsequent appeals for assessment years 2011-12 and 2012-13, the facts and issues were found to be identical to the first appeal for A.Y. 2010-11. Both parties agreed on the similarity of facts. Consequently, the Tribunal applied the findings from the first appeal to these subsequent appeals, leading to the dismissal of the appeals for A.Ys. 2011-12 and 2012-13 based on the same grounds as the initial appeal. In conclusion, all the appeals by the assessee were dismissed for the assessment years 2010-11, 2011-12, and 2012-13 concerning the deduction claimed under section 80IB(10) of the Income Tax Act. The Tribunal consistently held that the assessee was not entitled to the deduction for projects not completed within the prescribed period, based on previous Tribunal orders and the provisions of the Act. The decision was pronounced on 2nd August 2022.
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