9911796707
TMI Blog2012 (8) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... JUDICIAL MEMBER ITA Nos. 2743 to 2745/Del/2010 are departmental appeals for A.Y. 2004-05 to 2006-07 involving one single issue, i.e., allowability of deduction u/s 80IB (10) of the IT Act, 1961. 2. The assessee is a partnership firm. It developed a residential housing project by the name of Surendra Estate at Chuna Bhatti, Bhopal. The assessee got the approval for the project from Bhopal Municipal Corporation on 07.05.2003. The project was started in F.Y.2003-04, relevant to A.Y.2004-05. It was completed in F.Y. 2005-06 relevant to A.Y. 2006-07. As per the submissions placed on record and the arguments made before us, all units of the project were sold in F.Y.s 2003-04 to 2005-06. 3. For A.Y. 2004-05, the assessee claimed deduc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... certificate with in the statutory time prescribed in the section of 301 of Madhya Pradesh Nagar Palika Adhiniyam. The word ISSUED has been used in the IT Act for the completion certificate and not the word obtained by the assessee. As the Legislature had already anticipated such hardships of the assessee and that is why the work issued by the corporation has been used. In this case there is no refusal for issuance of the completion certificate by the Commissioner of Municipal Corporation till 31.03.2008, therefore, it is hereby held that the project of the assessee is deemed to be completed and completion certificate is deemed to have been issued by 31.03.2008, keeping in view (i) the submission of the AR, (ii) absence of any contrary m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , on the other hand, has contended that the assessee duly fulfilled all the conditions of Section 80IB (10) of the Act and it was only therefore, that the Ld. CIT (A) granted relief to the assessee. It has been contended that Finance (No.2) Bill, 2004 brought in an amendment in the Act by substituting the then existing Section 80IB (10) by a new sub-section w.e.f. 01.04.2005. It has been submitted that the said amendment is applicable for and from A.Y. 2005-06. It has been argued that the assessee had completed the construction of its project before 31.03.08, details whereof were duly submitted to the Assessing Officer. It has been stated that the assessee had applied to the local authority for issuance of completion certificate on 26.11.20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as Surendra Enclave Surendra Vihar Phase-I and Surendra Garden completed by the assessee. The Municipal Corporation had issued the completion certificate on 18.06.2010, 23.06.2010 and 24.06.2010 in respect of Permission No. 3737/27.03.2001, 299/04.09.1999 and 580/02.11.1999 respectively. The AO in his remand report dated 08.02.2011 has stated that an enquiry was made from the City Planner, Bhopal Municipal Corporation, who has reported that the assessee submitted application for completion certificate in respect of its housing projects on 26.11.2007, the assessee M/s Girija Colonisers had complied with all the formalities and the Municipal Corporation has to carry out inspection of all the constructed units before issuing completion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ose present before us. In that case, the issue in the present case has been decided in favour of the assessee. Thus, respectfully following Girija Colonisers (supra), the grievance sought to be addressed by the Department is found to be devoid of force and is rejected. 12. As such, all the three appeals filed by the department are dismissed. 13. These are cross appeals filed by the assessee against the afore- discussed three appeals preferred by the department. The ld. counsel for the assessee has stated at the bar that these appeals are not pressed. 14. Dismissed as not pressed. 15. In the result, all the three appeals filed by the department are dismissed, whereas all the three appeals instituted by the assessee are dismisse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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