Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (6) TMI 476 - AT - Income TaxDeduction u/s 80IB - delay in issuance of completion certificate - profits derived from the housing project - claim was denied by AO on the ground that the completion certificate was issued by PMC only 21.07.2012 after due date for completion of project. - HELD THAT:- We have carefully gone through the Explanation 2 appended to clause (iii) of sub-section (10) of section 80IB of the Act. The said Explanation 2 appended to clause (iii) of sub-section (10) of section 80IB states that the date of completion of the housing project shall be the date on which the completion certificate is issued by the local authorities. This Explanation has come up for interpretation before the Hon’ble Bombay High Court in the case of Hindustan Samuh Awas Limited [2015 (10) TMI 2306 - BOMBAY HIGH COURT] as relying on TARNETAR CORPORATION [2012 (10) TMI 803 - GUJARAT HIGH COURT] held that if the application is moved well in time for seeking the completion certificate from the Municipal Corporation and delay in issuance of completion certificate is not attributable to the assessee. It should be deemed that the project is completed as on date of application. Applying the ratio of this judgement to the facts of the present case, we find the application seeking the completion certificate was moved by the respondent-assessee on 27.03.2012. The said application was accompanied by the Architect’s certificate there was no material on record indicating that the PMC had pointed out any mistakes in the application moved by the respondent-assessee. Therefore, the grounds raised by the Revenue stands dismissed.
|