TMI Blog2021 (10) TMI 467X X X X Extracts X X X X X X X X Extracts X X X X ..... ) on the said building G . A question that was considered was . Undisputably the entire project excluding building G has been completed within the stipulated period and the completion/ occupancy certificate was also received within the time limit prescribed under Section 80IB (10). As TDR for building G was not available upto 2011, appellant could not have constructed the said building. As held in Vandana Properties [ 2012 (4) TMI 54 - BOMBAY HIGH COURT] , the expression housing project is not defined under the Act and the expression housing project in common parlance should be accepted, which would mean constructing a building or group of buildings consisting of several residential units. In our view, the building G cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , which contemplated parking only, was revised and the same was approved as a building with ground plus 6 floors comprising of 48 residential units. According to appellant as the completion certificate issued on 29.03.2008 did not show building G with ground plus 6 floors, the certificate issued by the Pune Municipal Corporation was a part completion certificate and hence, respondent was not entitled to the deductions under Section 80IB (10). The Assessing Officer rejected the deduction claimed and passed the assessment order dated 28.03.2013. Aggrieved by this order, respondent preferred an appeal before Commissioner of Income Tax (Appeals). The CIT (A) allowed respondent s appeal relying on his own decision in the case of respondent fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10), the amount of deduction in the case of an undertaking developing and building housing projects approved before 31.03.2008 by a local authority shall be 100% of the profits derived in the previous year from such housing project if, the housing project has been approved by the local authority before 01.04.2004 and the assessee completes such construction of housing project on or before 31.03.2008. Shri Sawant submitted that the date of completion of the housing project shall be taken to be the date on which the completion certificate in respect of housing project is issued by the local authority and as respondent had only a part completion certificate on 20.03.2008 and the completion certificate for building G was only issued much late ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not in respect of Building G , even though the sanctioned project was for Buildings A, B, C, D, E, G, H and I ? (ii) Whether on the facts and circumstances of the case and in law, the Hon ble Income Tax Appellate Tribunal was justified in allowing the deduction u/s 80IB(10) of the Act without appreciating the ratio of the decision of the Hon ble Apex Court in Sarkar Builders which envisages deduction u/s 80IB(10) in respect of the entire project as a whole ? 5. In our view whether the assessee had not completed the entire project by the stipulated date as observed by the Assessing Officer or whether the assessee had completed the stipulated project as held by CIT (A), are questions of fact. 6. In any event, we would agree w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... p of buildings consisting of several residential units. 7. In our view, the building G cannot be part and parcel of the housing project because the TDR for constructing building G itself was purchased on 19.04.2011. Consequently, in our view, respondent was entitled to claim of deduction under Section 80IB (10) of the Act. 8. In our view, ITAT has not committed any perversity or applied incorrect principles to the given facts and when the facts and circumstances are properly analyzed and correct test is applied to decide the issue at hand, then, we do not think that question as pressed raises any substantial question of law. 9. The appeal is devoid of merits and it is dismissed with no order as to costs. - - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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