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2011 (2) TMI 407 - AT - Income TaxDeduction u/s 80IB(10)in respect of Ostwal Nagari Project - existing project - Held that: this issue is squarely covered in favour of the assessee by the decision of the Special Bench of the I.T.A.T in the case of Brahma Associates (2009 -TMI - 71895 - ITAT PUNE) and the learned CIT(A) was fully justified in following the said decision to held that deduction u/s.80IB could not be denied to the assessee on the basis of existence of Ostwal Nagari project especially when the said project was sanctioned by the competent authority as housing project and the total commercial area in the said project was less than 10% of the total constructed area - Decided in favour of assessee. Deduction 80IB(10) in respect of Asha Nagar project - The objection of the Assessing Officer regarding non-obtaining of completion certificate by the assessee in respect of Asha Nagar project is not sustainable keeping in view that the said project was completed prior to 01.04.2005 when the condition of completing the project prior to 31.3.2008 was not stipulated in the Statute - Even the existence of commercial area in Asha Nagar project as found during the course of search was to the extent of 5313.25 sq.ft. which was less than 10% of the total built up area of the said project as submitted by the assessee before the learned CIT(A). As such, keeping in view all the facts and circumstances of the case, we find ourselves in agreement with the learned CIT(A) that there was no justifiable reason for the Assessing Officer to deny the benefit of deduction u/S 80IB(10) to the assessee in respect of Asha Nagar project - Decided in favour of assessee.
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