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2013 (10) TMI 1295 - AT - Income TaxDeduction u/s.80-IB(10) denied - profits derived from developing and building a housing project - 'SWRH' and 'S3' projects could not be considered as separate projects undertaken by the assessee as held by revenue - Held that:- The decision of the Pune Bench of the Tribunal in the case of Hindustan Samuha Awas Ltd. (2011 (8) TMI 1061 - ITAT PUNE) is clearly applicable in the present case inasmuch as the assessee applied for obtaining completion certificate for the two row houses before 31.03.2008 i.e. on 26.03.2008 and the said application was based on a certificate issued by the Architect. Factually also, the facts on record, supported by the Property Tax bills, Architect's certificate, occupation by users, etc. support the position that prior to 31.03.2008 construction of the two row houses was complete. Pertinently, the completion certificate of PCMC regarding the two row houses in question which is dated 28.06.2012, clearly states that it is issued with effect from 26.03.2008. Therefore, even the PCMC certification supports the position that the construction was complete as on 26.03.2008 which, in our view, is in substantive compliance with the requirements of section 80-IB(10)(a)(i) read with Explanation (ii) thereof. In so far as the balance of 293 row houses is concerned there is no dispute that the completion certificate has been issued by PCMC prior to 31.03.2008. Therefore, considered in respect of entire 295 units comprised in 'SWRH' project, the date of completion of construction is to be understood as on or before 31.03.2008 thereby complying with the requirement of section 80-IB(10)(a)(i) read with Explanation (ii) thereof. We therefore hold that assessee is eligible for deduction u/s. 80-IB(10) of the Act of ₹ 12,76,88,137/- with respect to the profits derived from 'SWRH' project for assessment year 2006-07. - Decided in favour of assessee.
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