Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 289 - ITAT MUMBAIDeduction u/s 80IB – Date of approval of commencement of project by Local authority - Assessee is engaged in the business as builder and developer – Develop housing under the scheme of Slum Rehabilitation Authority (SRA) framed by the Govt. of Maharashtra - Notification dated 3rd August 2010 Held that:- The CBDT which had issued the notification after more than five years of the amendment, has put a time limit of those housing projects which has been approved by the local authority on/or after 1st April 2004. Such a time limit can defeat the basic purpose of the proviso for which it was enacted as in the said proviso, the time limit provided in clause (a) of section 80-IB(10) has not been specifically made applicable, therefore, such a time limit cannot be imposed by way of subordinate legislation It was only after such terms and conditions were fulfilled, the assessee was given the commencement certificate issued after 1st April 2004, i.e., on 17th October 2004 to start the project. In such a case or situation, it cannot be held that the assessee's project is not liable for deduction u/s 80-IB, once all other conditions are fulfilled. One can say that the date of commencement i.e., 17th October 2004, can be taken as the date of approval as it was from this date the approval given by the SRA becomes operative. Thus, the contentions of the revenue cannot be sustained. In favour of assessee
|