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2017 (3) TMI 814 - AT - Income TaxEligibility to claim deduction u/s 80IB(10) on the housing project developed - Held that:- We concur with the view taken by Ld. CIT(A) that assessee was authorised to start construction of the project only on issuance of commencement certificate by the local authority, i.e. on 05-10- 2006. Therefore, it is actual approval letter, as is envisaged u/s 80IB(10)((a)(iii) of the Act. We find that the findings recorded by Ld. CIT(A) are well reasoned and in accordance with law and facts in this case. It is further noted by us that this issue is also covered in favour of the assessee by the judgements of the Tribunal as have been referred to by Ld. CIT(A) and also relied upon by the Ld. Counsel before us, wherein it has been held that date of approval as envisaged in section 80IB(10)((a)(iii) would be the date when assessee would be entitled to commence the construction of the project as per local law applicable. Thus, in view of the aforesaid discussion and facts of the case, the decision taken by the Ld. CIT(A) is hereby upheld. - Decided in favour of assessee
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