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2016 (6) TMI 33 - AT - Income TaxDeduction u/s 80-IB - Addition as projects not completed during the year on the basis of project completion method regularly followed by the assessee - Held that:- It is only after the end of the litigation and vacation of the stay order the assessee got the occupation certificate on 18.02.2010 for the additional floors. We also find that the possession were given to the buyers of the flats as per the original sanction plan whereas the additional floors were still under construction during the year. The total number of flats as per the original plan were 155 to which 44 flats were added after revised occupation certificate obtained from the BMC. In the case of Hawala Construction Private Ltd. [2011 (8) TMI 1080 - ITAT MUMBAI] the Tribunal held that a project is completed when a occupation certificate is received in respect of buildings and revenue authorities are not justified in rejecting the project completion method constantly followed by the assessee. Thus we are of the considered view that the method of accounting followed by the assessee i.e. project completion method was correct and recognized one and AO was wrong in rejecting the same while accepting the same method in the earlier and preceding years - Decided in favour of assessee.
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