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2015 (10) TMI 2235 - AT - Income TaxDeduction u/s. 80IB(10) - housing project “Kumar Primavera” - AO denied the benefit on the ground that the assessee has not completed the project within the time frame as stipulated under the provisions of section 80IB(10)- Held that:- It is not disputed by the Revenue that buildings A1 and A2 in Phase-I were complete and occupation certificate was granted by the PMC in respect of said buildings on 05-09-2008. In so far as buildings A3 to A8 in Phase-II are concerned, the completion certificate in respect of all the flats comprising in said buildings were granted by PMC up to March, 2011, whereas, the last date for obtaining completion certificate was 31-03-2012. Thus, the assessee had obtained completion certificates well within the time frame mentioned in the provisions of section 80IB(10) of the Act in respect of all the buildings in Phase-I and Phase-II. See Rahul Construction Vs. ITO [2012 (6) TMI 319 - ITAT PUNE] The assessee is eligible to claim deduction u/s. 80IB(10) on all the residential buildings comprising in Phase-I (A1 and A2) and Phase-II (A3 to A8). The date of completion of Phase-II shall be reckoned from the date of commencement certificate issued by PMC in respect of buildings A3 to A8. We do not find any infirmity in the order of Commissioner of Income Tax (Appeals), accordingly, the same is upheld and the appeals of the Department are dismissed. - Decided in favour of assessee.
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