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TMI Blog2019 (3) TMI 335X X X X Extracts X X X X X X X X Extracts X X X X ..... ment. Thus, in the absence of any allegation that the assessee has filed to disclose fully and truly all materials for completion of the assessment and also in the absence of no fresh tangible material, reopening of the assessment is held to be bad in law. Disallowance of benefit u/s 80-IB (10) - Applicability of amended provision in respect of allotments made before 19.08.2009. Amended provision Provision applicable from A.Y 2010-11 - HELD THAT:- This has been clarified by the Board in the Explanatory Notes to the Provisions of the Finance (No.2) Act, 2009, dated 02.06.2010 that the amended provision shall not apply in respect of allotments made before 19.08.2009. So far as the assessee's case is concerned, all the allotments/sale de ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee filed under Section 260A of the Income-tax Act, 1961 (hereinafter referred to as the Act ), is directed against the order of the Income-tax Appellate Tribunal, 'A' Bench, Chennai (for brevity the Tribunal ) in I.T.A.2194/Mds/2016, dated 06.01.2017, for the assessment year 2010-11. 2.The above appeal has been admitted, on 02.08.2018, on the following substantial questions of law:- (i) Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in reopening the assessment u/s 148 of the Income Tax Act, for the assessment year 2010-11 without any tangible materials on record? (ii) Whether, on the facts and circumstances of the case, the Appellate Tribunal was right in law in disallowin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Officer considered the entire facts, and verified the documents produced by the assessee, viz., plan approval, permit, completion certification and also the books of accounts, bills for major expenditure, which were checked and retained to the assessee. Thus, based upon the detailed material, evidences and clarifications, the Assessing Officer completed the assessment. Thus, in the absence of any allegation that the assessee has filed to disclose fully and truly all materials for completion of the assessment and also in the absence of no fresh tangible material, reopening of the assessment is held to be bad in law. 6.The next aspect is whether at all the amended provision of Section 80-IB(10)(e) would apply to the assessment year in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessment year. 8.The Hon'ble Supreme Court in the case of CIT vs. Sarkar Builders, [2015] 57 taxmann.com 313 (SC), considered the question whether Section 80-IB(10)(d) applies to housing projects approved before 31.03.2005, but completed on or after 01.04.2005. The Hon'ble Supreme Court held that in order to avail the benefit in the assessment year after 01.04.2005, if the balconies have to be removed by the assessee, it will lead to absurd results, as one cannot expect the assessee to comply with a condition that it was not a part of the statutes when the housing project was approved. Thus, it was held that clause (d) is to be treated as inextricably linked with the approval and construction of the housing project and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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