9911796707
TMI Blog2012 (7) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... e has taken the following grounds: "1. Whether on the facts and in the circumstances of the case and in law, the Hon'ble CIT (A) was justified in allowing the deduction u/s.80IB(10) of Rs. 1,48,88,072/-. "2. Whether on the facts and in the circumstances of the case and in law, the Hon'ble CIT (A) was justified on merit in applying the ratio in the case of M/s. Saroj Sales Organization vs. ITO (2008) 115 TTJ 485 (Mum), without appreciating the distinguishable facts brought out by the A.O. in his order u/s.143(3) dated 16.12.2009." 3. The facts pertaining to the controversy which revealed from the orders of the authorities below are as under. The assessee firm is a builders and devel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was commencement. It is further observed that it was, therefore, imperative on the part of the assessee to furnish a completion certificate in respect of entire project on which the deduction u/s.80IB(10) has been claimed showing project has been completed within said time limit. He has further observed that as per the Completion certificate produced by the assessee was in respect of Part Completion of the project the assessee is not entitled for deduction. The assessee contended that total area of the project was 22,267 sq.mtrs. and the assessee purchased TDR of 14,166 sq.mtrs., which was loaded on the revised approval dated 30.03.2007. The assessee justified the claim of deduction u/s.80IB(10). The A.O. was not impressed with the explana ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ately for the claim of deduction u/s.80IB(10) of the Act. Now, being aggrieved the revenue is in appeal before us. 6. We have heard the rival submissions of the parties and perused the records. We find that first plan of the assessee's project was approved on 14.12.2004 vide C.C. of the same date (page No.37 of the compilation and copy of the plan is placed at page no.57 of the compilation). On examining the approved plan, the total area of the plot was shown at 22,267 sq.mtrs. and after making required adjustment in the form of deductions like road, set-back area, proposed roads, recreation ground are etc., the total eligible area for the construction has been shown at 19,328.47 sq.mtrs. as the permissible built up area but as per the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ar in which the commencement certificate was issued i.e. in F.Y. 2004-05. The Ld. D.R. referred to the trading in the Completion certificate where it is stated that the project is partly completed. In our opinion, as the plot of land is common for both the phases, hence, as per their regulations the Municipal authorities have issued part completion certificate. After giving our anxious consideration to the entirety of the facts and considering the provisions of the law, we are of the opinion that the Ld. CIT (A) rightly held that two phases are of two different projects and so far as Phase-1 is concerned, the assessee has completed the project within time prescribed. It is pertinent to note here in the entire controversy that the A.O. has n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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