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TMI Blog2015 (6) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... ied 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. - Tax Appeal No. 107 of 2015 - - - Dated:- 5-5-2015 - M R Shah And S H Vora,JJ. For the Appellant : Mr K M Parikh, Adv. For the Respondent : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... after claiming deduction of ₹ 52,82,915/- under section 80IB of the Income Tax Act, 1961 (hereinafter shall be referred to as the Act for short). That the assessee claimed deduction under section 80IB(10) of the Act with respect to housing project with respect to 43 units. 2.01. That the Assessing Officer (hereinafter referred to as the A.O. ) disallowed deduction claimed under section 80IB(10) of the Act o the ground that the Building Use Permission (hereinafter referred to as 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 p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in holding that provision of Section 80IB is not applicable to projects approved in 2004 completely ignoring the provisions of Section 80IB(10)(a)(i) of the IT Act? (B). Whether the ITAT has erred I law and on facts in relying on the decision of Hon ble Delhi High Court in the case of CHD Developers Ltd., (2014) 43 taxmann.com 249 (Delhi), where the facts in that case was different in so far as, in that case the assessee had applied for completion certificate within time, while in the instant case, no completion certificate has been applied for? (C). Whether the ITAT has erred in law and on facts in completely ignoring the facts and law discussed by the CIT(A) and thereby passed a perverse order? 2.05. We have heard Mr.KM Parikh, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e decision of the Hon ble Delhi High Court in the case of CIT Vs. CHD Developers (supra), the condition for obtaining completion certificate within four years of the date of approval for being eligible for deduction u/s. 80IB(10) is not applicable. The Departmental Representative could nto point out any good reason as to why the aforesaid decision of the Hon ble Delhi High Court should not be followed in the instant case. 2.07. In the case of CIT V/s. Tarnetar Corporation, reported in (2014) 363 ITR 174 (Gujarat), the Division Bench of this Court has allowed deduction under section 80IB(10) of the Act by holding that if the assessee has completed construction within the prescribed time limit and applied for B.U. Permission, however, for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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