Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 1346 - AT - Income TaxDeduction under section 80IB(10) - date of 'commencement’ of the housing project for the purposes of the claim of deduction - HELD THAT:- This aspect of the controversy stands covered by the decision of the Tribunal [2014 (6) TMI 1060 - ITAT MUMBAI] on the basis of the earlier approval obtained by M/s. Gas Property Developers, which has already lapsed, and the expenses were on account of repair of boundary wall the project cannot be stated to have been commenced before 01.10.1998. Therefore, we find no infirmity In the findings recorded by the learned CIT(A) that the AO was wrong in holding that the housing project of the assessee had commenced before 01.10.1998. We uphold his order. As assessee pointed out that housing project consisted of seven buildings and in respect of A,B,C,D,E,F and G wings occupancy certificates were obtained and possession handed over to flat purchasers who started residing in the allotted flats. It is pointed out that the occupancy certificate issued by the Local Authorities clearly proves that the work in respect of the habitable area of the housing project was complete in all respects. All these facts have not been controverted before us, and the same have been duly considered and accepted by the Tribunal in its order dated 23/9/2016(supra) for assessment year 2011-12. In view of the precedent in the case of assessee for assessment year 2009-10(supra) and assessment year 2011-12(supra), wherein identical situation in relation to the very same project has been considered, we find no reason to interfere with the decision of the CIT(A) in allowing the claim of the assessee, which is in line with the aforesaid precedents. As a consequence, on this aspect also, the order of the CIT(A) is affirmed and Revenue fails.
|