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2015 (8) TMI 1483 - HC - Income TaxDeduction u/s 80IB(10)(a) - whether issuance of completion certificate, after the cut off date by the Local Authority but, mentioning the date of completion of project before the cut off date, fulfil the condition specified in clause (a) of Section 80IB (10) read with Explanation (ii) thereunder - HELD THAT:- In the leading case [2015 (10) TMI 2384 - MADHYA PRADESH HIGH COURT] and connected cases decided today by a separate Judgment holding that if housing project approved on or after 1st April, 2004, the assessee can avail of the benefit provided completion certificate issued by the Local Authority is within four years from the end of the financial year in which the concerned housing project was approved by the Local Authority. If this condition is not fulfilled, the assessee who maintains work in progress accounting method and has claimed deduction under Section 80IB(10)(a) must suffer the consequence of disallowance or withdrawal of the benefit claimed by him on that count. These appeals are allowed by setting aside the impugned judgment of the Tribunal with regard to the deduction claimed by the assessee u/s 80IB(10)(a) and instead the decision of the AO to disallow the said deduction is upheld.
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