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TMI Blog2016 (12) TMI 874X X X X Extracts X X X X X X X X Extracts X X X X ..... -2016 - MR. M.R. SHAH AND MR. B.N. KARIA, JJ. FOR THE APPELLANT : Mr. SUDHIR M MEHTA, ADVOCATE ORAL ORDER (PER : HONOURABLE Mr. JUSTICE M.R. SHAH) 1. Feeling aggrieved and dissatisfied with the Order dated 2nd February 2016 passed by the Income-Tax Appellate Tribunal, Ahmedabad [hereinafter referred to as, the Tribunal ] in ITA No. 2907/Ahd/2014 for Assessment Year 2012-2013, the Revenue has preferred the present Tax Appeal with the following proposed questions of law : [A] Whether the ITAT was correct in law and fact to allow the claim under Section 80IB of the Act when : (i) Evidences found during the survey u/s. 133A of the Act shows that construction was not completed on 31/03/2012 ? (ii) BUC for T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... respect to one of the Towers ie ., Tower C and penthouse on 2nd April 2012 ie ., after the relevant date viz ., 31st March 2012, and therefore, the conditions stipulated under Section 80IB [10] of the Act are not satisfied, as it cannot be said that the project has been completed on or before 31st March 2012. 3. Feeling aggrieved and dissatisfied with the order of the Assessing Officer, disallowing the claim under Section 80IB [10] of the Act of ₹ 43,85,09,950/=, the assessee preferred appeal before the learned Commissioner of Income Tax [Appeals]. On appreciation of evidence, the learned CIT [A] gave finding that though BU Permission was granted by the local authority on 2nd April 2012, however, the project was already comple ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d constructed prior to 31st March 2012, however, BU permission was granted subsequently. Under the circumstances, when the project was already constructed and completed prior to 31st March 2012, the learned CIT [A] has rightly granted deduction under Section 80IB [10] of the Act. 7. Identical question to be considered by the Division Bench of this Court in case of Income-tax Officer v. Saket Corporation , reported in [2015] 62 Taxmann 38 [Gujarat] which is with respect to a housing project consisting of 43 units. When it was found that with respect to 20 units, the construction was already completed and BU permission was granted within stipulated time, it was held that the assessee is entitled to deduction under section 80IB [10] of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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