Deduction U/s. 80IB(10) cannot be denied for mere delay in issue of completion certificate by Municipality

Disallowance under Section 40(a)(ia)  cannot be made if the assessee has not claimed a deduction

Section 40(a)(i) of the Act governs a situation where an amount is claimed as a deduction in computing the income chargeable under the head “Profits and gains of business or profession” and not otherwise. The case made out by the assessee is that the amount of 2,78,20,447/- paid to M/s. Arthur Gensler and Associates is not debited to the Profit and Loss Account and is therefore not an amount

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