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2012 (7) TMI 205 - ITAT INDOREDenial of deduction u/s 80IB(10)- Held that:- As exists no dispute to the provisions of law relevant to assessment year 2007-08 and 2008-09 that for claim of deduction u/s 80IB(10) the housing project which have been approved prior to 31st March, 2005, the same are required to be completed by 31st March, 2009, and certificate of completion is to be issued by the Municipal Authorities in this regard - Since the certificate for giving approval of the project was dated 29.3.2005, assessee’s eligibility for claim of deduction u/s 80IB(10) is to be judged with reference to the date of this certificate and merely because certificate provides issue of no dues certificate issued subsequently on 1.4.2005 and dispatched to the assessee on 5.4.2005, it cannot be held that building permission was given only after 1st April, 2005 - Thus as per this permission letter dated 29.3.2005, the assessee was required to complete project by 31st March, 2009, whereas the assessee has completed the project by 31st March, 2010 - denial of deduction is hence warranted - decided against assessee.
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