Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (9) TMI 1033 - AT - Income TaxDeduction u/s 80IB - deduction claim pertains to the assessee’s “Green Lands” residential project at Rahatani, Pune - HELD THAT:- We have gone through the site plan with the able assistance of both the parties. It emerges that the assessee has only completed “C to F wings” which could hardly be termed as “habitable” in absence of compound walls, sewage treatment plant, drainage and parking etc. Even a single residential tower could be taken as an eligible housing project and therefore, these four wings ought to be treated as independent housing projects eligible for 80IB(10) deduction on stand-alone basis. All these assessee’s arguments failed to evoke our concurrence. We wish to clarify here that recent decisions in Pr.CIT Vs. Wipro Limited[2022 (7) TMI 560 - SUPREME COURT], Commissioner of Customs Vs.M/s. Dilip Kumar and Company [2018 (7) TMI 1826 - SUPREME COURT] have settled the law that provisions in a taxing statute; including deductions, ought to be strictly interpreted. We keep in mind this settled proposition and note that their lordships in Vandana Properties [2012 (4) TMI 54 - BOMBAY HIGH COURT] had come across an instance wherein all the project amenities had already been completed (in towers A to D) before the said assessee sought 80IB(10) qua ‘E building as the eligible residential project. We reiterate that the factual position is just the opposite before us since this taxpayer has failed to prove that its “C to F wings” had been completed along with all the foregoing amenities; before the date of part completion certificate dated 29-03-2012 (supra). AR sought to draw support from the Municipal Corporation’s subsequent approval to the completed project on 28-07-2014 that the assessee had duly complied with all the requirements of the entire project. We are afraid that this latter completion would hardly help the assessee once he is supposed to complete “C to F wings” to make them habitable before 29-03-2012 only. We thus find merit in the Revenue’s sole substantive grievance seeking to revive this 80IB(10) disallowance pertaining to “Green Lands” project - It’s instant first appeal succeeds.
|