9911796707
TMI Blog2012 (2) TMI 278X X X X Extracts X X X X X X X X Extracts X X X X ..... DER Per I.C. Sudhir, J.M. The Revenue has questioned first appellate order on the following grounds : 1. The order of the learned Commissioner of Income-tax (Appeals)-II, Pune is contrary to law and to the facts and circumstances of the case. 2. The learned Commissioner of Income-tax (Appeals)-II grossly erred in allowing a deduction u/s 2,37,05,698/- which has been made by the Assessing Officer while passing the order u/s 143(3) of the I.T. Act instead of confirming the same. 3. The learned Commissioner of Income-tax (Appeals)-II, grossly erred in deleting the addition by relying upon the Revised Commencement Certificate issued by Pune Municipal Corporation dated 30.04.2005, instead of considering the Original Commencement ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted that as per Explanation (i) below Section 80IB(10)(a) when the approval in respect of housing project was obtained more than once, the housing project would be deemed to have been approved on the date on which the building plan is first approved by the local authority. The learned CIT(Appeals), therefore, should have considered the original commencement certificate dated 12-09-2001 while allowing the claimed deduction u/s 80IB(10) as per which the project was to be completed on or before 31st March, 2008. 4. The learned AR, on the other hand, tried to justify the first appellate order. He submitted that the project Hill Side in the case of assessee was different project than the initial project Silver Valley envisaged in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lopment agreement and power of attorney dated 09-02-2005 and 10-02- 2005 respectively since M/s Mahaveer Developers were not able to develop the sanctioned project. And lastly, subsequent to these developments, the building plans were approved by the PMC on 30.4.2005 and commencement certificate was also obtained by the assessee on 30th April, 2005. On the basis of the above material facts, we are of the view that the learned CIT(Appeals) has rightly come to the conclusion that for verifying the eligibility of the claimed deduction u/s 80IB(10) in the case of the assessee for the project Hill Side , the commencement certificate obtained by the assessee on 30th April, 2005 is to be taken into consideration for computing the prescribed time ..... X X X X Extracts X X X X X X X X Extracts X X X X
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