Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (9) TMI 1012 - AT - Income TaxDeduction claimed by the assessee u/s 80IB(10) denied - Held that:- This is settled position of law that the Law existing at the particular point of time will be applicable unless and until it is specifically made retrospective by the legislator. In our opinion, the assessee is expected to complete the project as per the approved plan at a particular point of time and the assessee is not expected to do or fulfill the conditions which are not in existence at the relevant point of time or made compulsory after making such amendment in the Act from the future date. When the project approved, the competent authority has given specified date that project should have completed by that date. The Section 80IB(10), which was in existence there nowhere required the assessee to complete the project within a particular period. Therefore, in our view, the restriction, which has been imposed subsequently by amending the provisions of the law will not apply to the assessee that the project should have been completed within four years from the end of the financial year in which housing is approved by the local authorities. We, therefore, set-aside the order of the CIT(A) on this issue and allow the ground taken by the assessee in both the assessment years. - Decided in favour of assessee.
|