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2014 (1) TMI 1232 - AT - Income TaxEligibility for Deduction u/s 80IB of the Act Project not completed within stipulated time Completion certificate not furnished Held that:- The building plan approval was obtained on 10.3.2004 and there is no dispute - As is evident from the substitution of Section 80IB(10)(a) 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 - Thus, 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. Though the assessee's case is related to A.Ys. 2007-08 and 2008-09, the project was got approved by the concerned local authority before 1.4.2004 - The provisions of section 80IB as stood prior to the amendment are applicable to the assessee's case - As the substitution of Explanation to clause (a) to subsection (10) of section 80IB of the Income-tax Act, 1961 was brought in under Finance (No. 2) Act of 2004, effective from 1.4.2005 - Thus, in the absence of any such requirement read into the section, it would be difficult to accept the observation of the AO that the claim for deduction was rejected on the ground that the assessee had not furnished the completion certificate Relying upon Madras High Court in the case of CIT vs. Jain Housing & Construction Ltd. [2012 (11) TMI 588 - MADRAS HIGH COURT] the order of the CIT(A) upheld Decided against Revenue.
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