Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (1) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (1) TMI 1542 - HC - Income TaxDeduction u/s 80IB(10) - Held that:- Relying upon the decision in CIT v. Anriya Project Management Services (P.) Ltd. [2012 (5) TMI 196 - KARNATAKA HIGH COURT] - The amendment in the definition of built-up area as inserted by the Finance Act, 2005 was prospective in nature to be effective from 01.04.2005 - Amendment provision would have no application to housing projects, which were approved by the local authority prior to 1.4.2005 in calculating 1500 sq. feet of residential unit. The assessee is expected to complete the project as per the approved plan at a particular point of time and the assessee is not expected to fulfil the conditions which are not in existence at the relevant point of time - The assessee was to complete the project on or before 31-3-2009 - The assessee made request with the Competent Authority on 5-11-2008 that the project has been completed and completion certificate may be issued - If the same is not issued by the Competent Authority the assessee should not be penalized for the same unless and until some contrary facts are brought on record evidencing that the assessee contravened the conditions contained in the approval granted by such Competent Authority - The assessee is not expected to fulfil the conditions which were not on the statute when such approval was granted to the assessee - Decided against Revenue.
|