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52 orders · Page 2 of 2
The Tribunal held that the assessee is entitled to proportionate deduction under Section 80IB(10) for flats in both 'A' and 'B' Wings, as they were covered by the completion certificate issued by the Municipal Corporation.
The Tribunal held that while PAPL advanced the loan to AASSPL, and the assessee is a common shareholder, the loan amount did not reach the hands of the assessee company. Therefore, the addition made under Section 2(22)(e) in the hands of the assessee was not justifiable.