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TMI Blog2022 (4) TMI 745X X X X Extracts X X X X X X X X Extracts X X X X ..... e prescribed time-limit, then irrespective of the fact whether such BU permission has been granted or not before the prescribed date, the assessee would be entitled to deduct under Section-80IB(10) As regards the delay in filing the returns under Section- 139 of the Act is concerned, the finding recorded by the tribunal as above is that in view of the provisions of Section-92E, the assessee was required to get the transfer pricing report in the Form 3CEB. In such circumstances, the assessee had the benefit of the extended period of the due date for filing of the return. Thus, in our opinion, no error not to speak of any error of law could be said to have been committed by the tribunal in affirming the order passed by the CIT(A) and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,73,570/- without considering the plea of the revenue that the return was filed after the due date and therefore, the assessee is not eligible for deduction u/s.80IB(10) of the Act? 3. It appears from the materials on record that the assessee had claimed deduction under Section-80IB of the Act, 1961 with respect to The Venus Parkland Project to the tune of ₹ 32,13,73,570/-. The deduction was claimed under Section-80IB of the Act as the assessee completed the project before 31.03.2012. The deduction under Section-80IB of the Act of the aforesaid amount came to be disallowed by the Assessing Officer on the ground that the assessee had failed to file his return of income within the stipulated time under Section-139(1) and the projec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o in the case of Saket Corporation appears to be that in a case where the assessee completes the construction of its entire housing project and thereafter applied for the BU Permission within the prescribed time-limit, then irrespective of the fact whether such BU permission has been granted or not before the prescribed date, the assessee would be entitled to deduct under Section-80IB(10) of the Act. 10. The tribunal while dismissing the appeal filed by the revenue observed in Paragraphs-27.8 onward as under:- 27.8 Coming to the merit of case we note that the AO has disallowed the deduction claimed by the assessee for the reason that it has not got the BU permission for entire project up-to 31st March 2012. Accordingly, the AO concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d question is concerned, the finding recorded by the tribunal in Paragraph-27.6 reads as under:- 27.6 From the above, it is inferred that there was relationship of AE created between assessee and ATTCO and further entered into international transaction by crediting brokerage commission in the name of ATTCO. Thus, as per the provision of section 92E, the assessee was required to get TP report in form 3CEB. Accordingly, it enjoy the extended period of due date for filing return of income. 12. Thus, as regards the delay in filing the returns under Section- 139 of the Act is concerned, the finding recorded by the tribunal as above is that in view of the provisions of Section-92E, the assessee was required to get the transfer pricing r ..... X X X X Extracts X X X X X X X X Extracts X X X X
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