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2017 (12) TMI 1008 - HC - Income TaxDeduction u/s 80IB - completion of construction within stipulated period - Held that:- The purport of the Explanation (ii) to section 80- IB(10)(a) of the Act is to safeguard the interests of the Revenue wherever the construction has not been completed within the stipulated period. Thus, it cannot mean that the requirement is mandatory in nature and would disentitle an assessee to the benefit of section 80-IB(10)(a) of the Act even in respect of those cases where the assessee had completed the construction within the stipulated period and had made an application to the local authority within the prescribed time. The issuance of the requisite certificate was within the domain of the competent authority over which the assessee had no control. From the findings recorded by the Commissioner of Income-tax (Appeals) as affirmed by the Tribunal, it was clear that the construction had been completed before the stipulated date, i.e., March 31, 2010. It was also not disputed that the certificate of completion was applied on March 29, 2010 which was issued to the assessee on December 31, 2011. The assessee in such circumstances could not be denied the benefit of section 80-IB(10)(a) of the Act. The Commissioner of Income-tax (Appeals) and the Tribunal had rightly adjudicated the issue in favour of the assessee-respondent.
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