Deduction u/s 80IB(10) allowed on the basis of substantial compliance

ACIT Vs Atul Properties (ITAT Mumbai) Held that as the assessee had complied sufficiently the requirement of law as stipulated in section 80IB(10) of the Act and as per the said provision it was bound to complete the building project before 31.03.2012. Deduction u/s 80IB(10) allowed. Facts- The assessee firm filed original ROI declaring total income of Rs.29,75,430/- after claiming deduction u/s 80IB(10) of Rs. 23,561/-. The assessee filed revised return withdrawing its claim for deduction u/s 80IB(10) and offering total income Rs. 23,62,14,994/- for taxation. AO completed scrutiny assessment ...