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2014 (8) TMI 789 - AT - Income TaxDeduction u/s 80IB – Real estate development business – Completion certificate not furnished – Held that:- The project was approved before 01.04.2005 and the building was completed on 31.03.2008 - assessee has incurred losses in the next two years when assessee stated to have sold the finished apartments - assessee wanted those losses to be set off to the income assessed in the year, as can be seen from the statements before the AO and CIT(A) - prima facie a doubt arises whether the project was completed before 31.03.2008 or went on in later years also - even though on legal principles insistence of completion certificate is not required for the project which are approved before 01.04.2005, deduction cannot be allowed simply on legal principles without verifying the facts - Since the fact that project was completed before 31.03.2008 could not be verified, the AO is directed to examine the issue and allow deduction if assessee proves that it had completed the project before 31.03.2008 – Decided in favour of Assessee.
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