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2013 (10) TMI 980 - AT - Income TaxDeduction under section 80IB – Held that:- In Commissioner of Income Tax Central-I, Chennai. Versus M/s. Jain Housing & Constructions Ltd., [2012 (11) TMI 588 - MADRAS HIGH COURT], it was observed that From the substitution of Section 801B(10)(1) of the Act, prior to the amendment, there was no such requirement as regards furnishing of completion certificate and the deduction provision pointed out to the grant of 100% deduction on the profits derived from a housing project, if the undertaking had commenced development and construction of the housing project on or after 1st October, 1998 - till 2005, there was no clause dealing with completion, in which event, one cannot read into the provision as a condition, which is not specifically provided. In the present case the approval by the Hyderabad Urban Development Authority has been obtained on 26.06.2004 only for which the relevant assessment year is 2005-2006 and hence the decision in the case of Jain Housing & Constructions Ltd. (supra) goes against the assessee – Decided against Assessee.
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