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2015 (10) TMI 2306 - HC - Income TaxDeduction u/s 80IB - assessee claim was denied by AO on the ground that Completion Certificate was not issued on or prior to 31.03.2008 - ITAT allowed claim - Is it permissible in law to compute the date on which the completion certificate in respect of housing is issued by the local authority as provided in explanation to section 80IB(10) of the Income Tax Act? Held that:- Date of completion of a project has to be the date of issuance of Completion Certificate by the Municipal authority. Admittedly, the Architect of the project had given a certificate prior to 31.03.2008. The respondent submitted application to the Municipal authority along with such certificate well in time on 25.03.2008. It seems that the Municipal authorities directed the respondent to deposit certain amount for issuance of Completion Certificate on 27.03.2008 and the amount was accordingly deposited on 31.03.2008. Thereafter, the certificate was issued in October, 2008. This delay cannot be attributed to the respondent assessee. In view of this, we are inclined to hold that the project, for which exemption is sought, was completed prior to 31.03.2008 and therefore, we are inclined to record our answer in affirmative to the substantial question of law referred to above. - Decided in favour of assessee.
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