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2012 (12) TMI 360 - ITAT PUNEDeduction u/s 80IB – Whether deduction u/s 80IB will be allowed in respect of whole project or on partial basis - Assessee is a firm engaged in business of builder and promoter - AO has denied the deduction on the ground that project was not complete within the stipulated time - Completion certificate was obtained and furnished before the AO for 173 out of 205 flats – Held that:- Assessee was prevented by reasonable cause to complete construction in time due to intervention of CID action on account of violation of provisions of Urban Land Ceiling Act applicable to land in question. The taxing statute granting incentives for promotion of growth and development should be construed liberally and that provision for promoting economic growth has to be interpreted liberally. - Restriction thereon too has to be construed strictly so as to advance the object of provision and not to frustrate the same. Therefore, assessee is entitled for benefit u/s.80IB(10) in respect of 173 flats completed before prescribed limit. Issue decides in favour of assessee
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