9911796707
TMI Blog2020 (9) TMI 611X X X X Extracts X X X X X X X X Extracts X X X X ..... he Income Tax Act, 1961 in respect of a housing project. During the course of assessment proceedings, the claim of the assessee for deduction u/s 80IB(10) of the Act was examined by the Assessing Officer. On such examination, he inter-alia found that the completion certificate in respect of the project of the assessee to the extent it comprised of building A, B and C was not issued by the local authority till 31st March, 2012 i.e. within 4 years from the date of commencement of project. In this regard, it was explained by the assessee that he had applied for completion certificate to the local authority in respect of its housing project on 14.03.2012 but the completion certificate was not issued by the local authority. It was also submitted that the claim of the assessee of having completed the said housing project was duly supported by a certificate issued by the Architect of the said project. This explanation of the assessee was not found acceptable by the Assessing Officer. By relying on Explanation (ii) below section 80IB(10)(a) of the Act, he held that the housing project of the assessee comprising of building A, B and C was not completed within the specified period and accord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "8.6 I have perused carefully the material on record and contention of the Appellant. The Appellant had claimed deduction u/s 80IB(10) for his project 'Sparkle Avenue' Dighi Pune. The AO rejected the claim of deduction on the grounds of non-submission of Completion Certificate holding the project to be not complete in view of the revision in the year 2014 and violation of Section 80IB(10)(f). Before me, it was contented that the plan of the project was first approved on 08.02.2007 and revised again on 10.08.2010 and consisted of four buildings 'A', 'B', 'C' and 'D'. Building A, B & C were completed before the due date of completion. The Assessee had the architect certificate and all the documents of sale deed, possession receipt, electricity bills, water charge bills, etc were placed before the AO during the course of Assessment. All the flats were sold and the possession was passed to the flat owners. The architect's Completion Certificate was also placed before the AO. The Appellant had also applied for the Completion Certificate to the local authority on 14.03.2012. Before me, it was contended that mere Completion Certificate not been issued by the local authorit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relevant provision of law. He has also submitted that the assessee is unable to produce the said completion certificate from the local authority even now at this stage after a period of more than 8 years. 6. The ld. Counsel for the assessee, on the other hand, has submitted that the construction of building A, B and C of the project was duly completed well before the stipulated date of completion i.e. 31st March, 2012 and the assessee, therefore, was entitled for deduction u/s 80IB(10) in respect of the project comprising of building A, B and C. He has submitted that all the NOCs required for the purpose of getting completion certificate from the local authority were duly obtained by the assessee well before 31st March, 2012 and even the application for completion certificate was submitted to the local authority on 14.03.2012. He has submitted that all the flats in building A, B and C were sold out and even possession of the same was physically handed over to the flat owners before the stipulated date of completion. He has submitted that even the Architect certificate confirming the completion of the construction of building A, B and C before the due date of completion was furnish ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as furnished by the assessee confirming that the construction of building A, B and C of the project was duly completed before due date of completion. (iii) Application for obtaining the completion certificate from the local authority was submitted by the assessee on 14.03.2012. (iv) All the flats in building A, B and C were sold out and possession of the same was physically handed over by the assessee to the flat owners even before due date of completion. 8. A perusal of the details and documents furnished by the assessee as above clearly shows that his claim of having completed the project comprising of building A, B and C before 31st March, 2012 was duly supported and substantiated by the assessee and as rightly pointed out by the ld. Counsel for the assessee, there was nothing brought on record by the Assessing Officer to doubt or dispute the same. It is observed that the claim of the assessee for deduction u/s 80IB(10), however, was disallowed by the Assessing Officer solely on the ground that the completion certificate was not issued by the local authority before the due date of completion of the project. In this regard, he relied on Explanation (ii) below section 80IB(10 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
