Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (2) TMI 239 - HC - Income TaxDeduction u/s. 80IB(10) - Tribunal allowed the claim for the project approved prior to 1/10/1998 & for a project approved on 28/8/1997- Held that:- Tribunal held that in the facts of this particular case the respondent-assessee would be entitled to the benefit of Section 80IB for all the three assessment years i.e. 2004-05, 2005-06 and 2006-07 as the buildings were constructed on the basis of plan approved only in 2002. Further the activity of construction commenced only on 22/1/2002 when the commencement certificate was issued. Therefore, the Tribunal while upholding the order of the CIT (A) held that for all the three assessment years the approval of the authorities and commencement certificate are post 1/10/1998. Similarly, the Tribunal upheld the finding of the CIT(A) in holding that DVO has certified that combined area of the flats was less than 1500 sq. ft. Consequently, Tribunal while upholding the order of the CIT(A) held that Section 80 IB(10) are complied with and the respondent-assessee is entitled to the benefit of Section 80IB of the Act for assessment years 2004-05, 2005-06 and 2006-07. Thus CIT(A) as well as the Tribunal have based their decisions on a concurrent finding of fact & conclusion reached by the Tribunal based on findings of fact cannot be found fault with as the revenue has not been able to show that the impugned order is perverse warranting an interference by this Court - in favour of assessee.
|