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2023 (8) TMI 1185 - AT - Income TaxDeduction u/s. 80IB(10) - Claim denied on the ground that the housing projects were not completed by the assessee within five years period - HELD THAT:- It is an admitted fact that separate building planning permission were obtained by assessee from Local Authority namely AMC for each Block as a separate housing project. Further Building Usage permission was also obtained by the assessee from the Local Authorities namely Ahmedabad Municipal Corporation well within the period of 2 to 5 years. The Lower Authorities without appreciating the above facts denied the claim of deduction u/s. 80IB(10), solely on the ground that the assessee has not started the building project relating to Block Nos. E, F & G and thereby wrongly held that the assessee has not completed the housing projects. As decided in the case of Viswas Promoters (P.) Ltd. [2012 (11) TMI 1117 - MADRAS HIGH COURT] held that each residential block is a ‘housing project’ in itself for the purpose of claiming deduction u/s. 80IB(10). Also in the case of Vertex Homes (P.) Ltd. [2015 (9) TMI 549 - ITAT HYDERABAD] held that the assessee, a builder, had not completed construction of all blocks of housing project, within stipulated period, would not deprive assessee from availing of deduction u/s. 80IB(10) in respect of each of completed block on stand alone basis. Thus separate planning permission obtained by the assessee for each Block separately and after construction obtained separate Building Usage permission from the Local Authority within 5 years period, therefore the assessee cannot be denied the claim of exemption u/s. 80IB(10) - Decided in favour of assessee.
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