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2015 (6) TMI 460 - GUJARAT HIGH COURTDeduction 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. Tarnetar Corporation [2012 (10) TMI 803 - GUJARAT HIGH COURT] as the assessee completed project / construction of all 43 units within 4 years from the date of approval by the competent authority and also applied for B.U. Permission within a period of four years with respect to all 43 units, however, could obtain B.U. Permission with respect to 20 units only and for whatever reasons, with respect to remaining 23 units, B.U. Permission was not issued by the authority and as observed hereinabove, construction 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.
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