Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1823 - AT - Income TaxDisallowance u/s 80IB - project "Mayuresh Residency" at Bhandup which was not completed within the stipulated time - HELD THAT:- Executive Engineer in the office of MCGM has clarified that the Occupation certificates and the Building completion certificates have been issued in the present case, after following the necessary procedure and in accordance with law. From the record we found that the Occupation and the Building completion certificates have been issued in the present case by the MCGM after thorough application of mind and following the prescribed procedure. There is absolutely no basis for the observation that the said certificates have been issued in a casual manner. On the contrary, the assertions as made by the AO with respect to the construction of the said project being incomplete based on the photographs taken on 10th April, 2013 has no basis. The fact relating to completion of the housing project is a fundamental one and such which cannot change based on year to year. In the present case, for A.Ys. 2010-11 and 2011-12 the Tribunal by its order dated 3rd November, 2016 has based on the Occupation and the Building completion certificates -accepted that the construction of the project was completed within the time as required by section 80-IB(10)(a)(iii). Once this factual position is accepted, then, a different view cannot be taken on the completion of the project for a later year. If this proposition is accepted, then, one is not required to go into the other propositions. As per Explanation below clause (a) of section 80-IB( 10), the date of completion of construction of the housing project shall be taken to be the date on which completion certificate in respect of such housing project is issued by the local authority. Therefore, according to the legislature, it is incumbent on the AO to regard the construction of the project being completed based on completion certificates issued by the local authority. There is no option which has been given to the Assessing Officer to go beyond the said certificate and express his dissent with the said certificate. No infirmity in the order of CIT(A) for allowing claim of deduction u/s.80IB (10) - Decided against revenue.
|