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2015 (2) TMI 1149 - AT - Income TaxDeduction u/s.80IB(10) - requirement to produce the completion certificate from the PM - Held that:- Amendment w.e.f. 01-04-2005 requiring certificate of completion of project within 4 years of approval is not applicable to the projects approved prior to that date and therefore the assessee is entitled to deduction u/s.80IB(10) of the I.T .Act There is no dispute in this case on the fact that the architect of the assessee Shri Mangesh Bhandarkar has made an application for occupancy certificate to the PMC on 08-12-2008. As per the admitted position of law, the assessee was required to complete the housing project on or before 31-03-2009. The PMC did not issue the completion certificate for the reason that the assessee has not handed over the amenity space. In our opinion, the format in which the architect of the assessee has filed the application for getting the occupancy certificate may be the procedural default and that will not deprive the assessee from its legitimate claim u/s.80IB(10). Moreover, the PMC has not pointed out that the application is not in prescribed format. We accordingly allow the grounds taken by the assessee and direct the AO to allow the deduction. - Decided in favour of assessee
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