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2011 (8) TMI 722 - AT - Income TaxDisallowance of deduction u/s 80IB - Development and Construction of the Housing Project-Date of completion of project after 31.03.2008 - Held that:- In present case, the housing project was approved by the local authority on 24.11.2003 (i.e. Before 1.4.2004), consequently, the assessee was to complete the construction on or before 31.3.2008. It is clearly provided that the date of issue of completion certificate, by the local authority, shall be the date of completion of the project. However, due to non-issuance of certificate, assessee was not able to produce the same . Moreover, Revenue contended that assessee sold the plots to the respective customers by registering a sale deed and thereafter the assessee constructed the building on agreed price, therefore, the assessee acted as building contractor and not as a developer. Hence, all the four conditions laid down in the clauses (a), (b), (c) and (d) of sub-sec. (10) of 80IB were not fulfilled. Decided against the Assessee.
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