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2015 (8) TMI 856 - BOMBAY HIGH COURT

2015 (8) TMI 856 - BOMBAY HIGH COURT - TMI - Entitlement to claim deduction under Section 80IB(10) - Tribunal allowed the assessee's appeal by inter-alia holding that the sanction obtained by the local authority on 23 June 2003 was in respect of a project different from the sanction obtained, called revised sanction, of the local authority on 31 July 2004 - Held that:- The impugned order of ITAT records that the housing project, reflected in the sanction dated 31 July 2004, was different from th .....

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e housing project. The mere use of the revised sanction by the local authority in the sanction given on 31 July 2004, would not by itself make it an amendment or a change to a earlier sanction when in fact it is a sanction for a materially different housing project.

Reliance on Commissioner of Income Tax v/s Vandana Properties [2012 (4) TMI 54 - BOMBAY HIGH COURT] in support of its conclusion that the project sanctioned on 21 July 2004 is different from the project sanctioned on 23 Ju .....

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the order dated 26 June 2012 passed by the Income Tax Appellate Tribunal (the Tribunal). By the impugned order, the Tribunal disposed of the appeals pertaining to Assessment Years 2006-07 and 2007-08 on a common issue, namely, entitlement of the assessee for the claim of deduction under Section 80IB(10) of the Income Tax Act, 1961 (the Act). 2 Mr.Singh, learned counsel appearing for the revenue urges the following question of law, which is common in both appeals, for our consideration : Whether .....

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enefit under Section 80IB(10) of the Act on the ground that the project was not completed within the stipulated time. This was in view of the Explanation to Section 80IB(10)(a) of the Act. The building plans had first obtained an approval from the local authority on 23 June 2003 and thereafter a revised sanction was obtained on 31 July 2004. Thus, the project having obtained its first approval on 23 June 2003, the project was required to be completed on or before 31 March 2008. 4. In appeal, the .....

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for construction of Survey No.61/2+3+4+5+6 of CTS Nos.772 and 773 of Pimple Saudagar, Pimpri Chinchwad Municipal Corporation. While as regards the approval/sanction obtained on 23 June 2003 of the local authority was in respect of Survey No.61/2+3+5+6 of CTS No.772. 5. The aforesaid impugned order records that the housing project, reflected in the sanction dated 31 July 2004, was different from the housing project approved on 23 June 2003 by the local authority. The sanction dated 31 July 2004, .....

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