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2014 (12) TMI 1184 - AT - Income TaxDeduction u/s 80-IB(10) - profits earned from development and building of a housing project, named, ‘Runwal Daffodils’ - Held that:- Assessee had asserted before the Assessing Officer that the PMC was levying municipal taxes in respect of each of the flat in the project and such levies were in the name of the respective owners. The MSEB receipts and possession documents were also furnished to the Assessing Officer. Before the CIT(A) assessee also pointed out that while making application for issuance of completion certificate to PMC, assessee had taken all the necessary steps required to be done before seeking the completion certificate, namely, obtaining of NOCs from various Departments like, Fire Department, Garden Department, Encroachment Department, Construction and Development Control Department, etc.. On this basis, it was sought to be contended that the non-issuance of the completion certificate by the PMC before 31.03.2008 was for reasons beyond the control of the assessee. We find that all the aforesaid factual assertions made by the assessee have not been controverted either by the Assessing Officer or by the CIT(A). In the absence of any material to controvert the assertions of the assessee 8 that the construction was completed before the stipulated dated i.e. 31.03.2008, we find no reasons to belie the same. Therefore, on facts, the position consistently canvassed by the assessee to the effect that the construction of the project was complete before the stipulated date of 31.03.2008 has to prevail. We set-aside the order of the CIT(A) and direct the Assessing Officer to allow assessee’s claim for deduction u/s 80-IB(10) in respect of the profits of the housing project, namely, ‘Runwal Daffodils’. - Decided in favour of assessee
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