TMI Blog2019 (3) TMI 898X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate - HELD THAT:- So, if it has been given in one of those years, no loss or prejudice has been caused to the revenue. We are least minded to entertain appeals which have theoretical significance and no practical significance -decided in favour of the assessee. - ITA 23 of 2012 - - - Dated:- 27-2-2019 - Justice I. P. Mukerji. And Justice Md. Nizamuddin For the Petitioner : Mr.S.N.Dutta, Adv., Mr.A.K.Gupta, Adv. For the Respondent : Mr.N.K.Poddar, Sr. Adv., Mr.Vineet Tibrewal, Adv. ORDER The Court : On 6th February, 2012, a Division Bench of this Court formulated the following substantial questions of law, on which this appeal in relation to the assessment year 2007-2008 was to be heard. Those questions are as f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion of the housing project on or after the 1st day of October, 1998 and completes such construction, - (i) in a case where a housing project has been approved by the local authority before the 1st day of April, 2004, on or before the 31st day of March, 2008; (ii) in a case where a housing project has been, or, is approved by the local authority on or after the 1st day of April, 2004, within four years from the end of the financial year in which the housing project is approved by the local authority. Explanation. For the purposes of this clause, - (i) in a case where the approval in respect of the housing project is obtained more than once, such housing project shall be deemed to have been approved on the date on which the bui ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0) would be available on a year to year basis where an assessee is showing profit on partial completion or if it would be available only in the year of completion of the projects u/s 80-IB(10). 3. The above issue has been considered by the Board and it is clarified as under :- (a) The deduction can be claimed on a year to year basis where the assessee is showing profit from partial completion of the project in every year. (b) In case it is late, found that the condition of completing the project within the specified time limit of 4 years as stated in section 80-IB(10) has not been satisfied, the deduction granted to the assessee in the earlier years is should be withdrawn. 4. The above Instruction will override earlier clarifica ..... X X X X Extracts X X X X X X X X Extracts X X X X
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