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2015 (6) TMI 460 - GUJARAT HIGH COURT

2015 (6) TMI 460 - GUJARAT HIGH COURT - TMI - Deduction claimed under section 80IB(10) disallowed - as per AO Building Use Permission ("the BU Permission") and/or Completion Certificate was granted by the local authority only with respect to 20 units within a period of four year from the date of approval of the project by the local authority and not with respect to the entire housing project consisting of 43 units - ITAT allowed deduction - Held that:- Considering the decision of CIT V/s. Tarnet .....

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ction of all 43 units was completed, the assessee is entitled to deduction under section 80IB(10) of the Act, no error has been committed by the learned tribunal in holding that the assessee shall be entitled to deduction claimed under section 80IB(10) of the Act. - Decided in favour of assessee. - Tax Appeal No. 107 of 2015 - Dated:- 5-5-2015 - M R Shah And S H Vora,JJ. For the Appellant : Mr K M Parikh, Adv. For the Respondent : Mr B S Soparkar, Adv. ORDER (Per : Honourable Mr. Justice M. R. S .....

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e order of the ITAT is perverse in law in holding that provision of Section 80IB is not applicable to projects approved in 2004 completely ignoring the provisions of Section 80IB(10)(a)(i) of the IT Act? (B). Whether the ITAT has erred I law and on facts in relying on the decision of Hon ble Delhi High Court in the case of CHD Developers Ltd., (2014) 43 taxmann.com 249 (Delhi), where the facts in that case was different in so far as, in that case the assessee had applied for completion certifica .....

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under section 80IB of the Income Tax Act, 1961 (hereinafter shall be referred to as "the Act" for short). That the assessee claimed deduction under section 80IB(10) of the Act with respect to housing project with respect to 43 units. 2.01. That the Assessing Officer (hereinafter referred to as "the A.O." ) disallowed deduction claimed under section 80IB(10) of the Act o the ground that the Building Use Permission (hereinafter referred to as "the BU Permission") and/ .....

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the said appeal confirming the disallowance made by the A.O. with rspect to deduction claimed under section 80IB(10) of the Act. 2.03. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A), the assessee preferred a further appeal before the learned tribunal and by the impugned Judgement and Order, relying upon the decision of the Delhi High Court in the case of Commissioner of Income Tax-I V/s. CHD Developers Ltd., reported in (2014) 362 ITR 177 (Delhi), the learned trib .....

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ned Judgement and Order passed by the learned tribunal, the revenue has preferred the present Tax Appeal to consider the following substantial questions of law:- "(A). Whether the order of the ITAT is perverse in law in holding that provision of Section 80IB is not applicable to projects approved in 2004 completely ignoring the provisions of Section 80IB(10)(a)(i) of the IT Act? (B). Whether the ITAT has erred I law and on facts in relying on the decision of Hon ble Delhi High Court in the .....

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half of the revenue at length. 2.06. At the outset, it is required to be noted that the Housing Project for 43 units came to be approved by the local authority and the assessee claimed deduction under section 80IB(10) of the Act, however, the assessee has not obtained completion certificate within a period of four years from the date of approval by the competent authority with respect to all 43 units though entire housing project consisting of 43 units was completed and the assessee could obtain .....

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ction 80IB(10) of the Act. However, the learned ITAT deleted the disallowance made by the A.O. and held that the assessee shall be entitled to the deduction claimed under section 80IB(10) of the Act and while holding so in para 6, the learned tribunal has observed and held as under :- "6. We find that in the instant case, the housing project was approved on 10.03.2004 by the competent authority. The above fact is not in dispute. On the above fact, as per the decision of the Hon ble Delhi Hi .....

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