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2012 (7) TMI 70 - AT - Income TaxJustification in allowing the deduction u/s.80IB(10) - AO observed that as per the Completion certificate produced by the assessee was in respect of Part Completion of the project the assessee is not entitled for deduction - Held that:- The assessee originally obtained the Commencement Certificate on 14.12.2004 to construct 19,328.40 sq. mtrs. of FSI for the construction of buildings i.e. A-1 to A-6, B-1 to B-3 and C-4. The assessee purchased TDR and got the plan modified vide new commencement certificate dated 30.03.2007 for additional construction of 12,166.09 sq. mtrs. and the said approval was given for construction of four buildings i.e. C-1 to C-3 and D, thus those were two independent projects though the land was the same i.e. project utilising the original FSI and project by purchasing by obtaining TDR - admittedly, the first phase itself is a separate “project” and the assessee completed the building shown in the first phase within four years from the financial year in which the commencement certificate was issued i.e. in F.Y. 2004-05 and as the plot of land is common for both the phases, hence, as per their regulations the Municipal authorities have issued part completion certificate - in favour of assessee.
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