9911796707
TMI Blog2019 (1) TMI 1084X X X X Extracts X X X X X X X X Extracts X X X X ..... the competent authority in issuing completion certificate would not deprive the Assessee, the benefit of Section 80IB(10) of the Act. In the present case on facts, it is found that not only the project was completed within time but an application for granting of certificate was also made well within the time. Thus, the Respondent should not suffer on account of the delay at the hands of the Competent Authority issuing the certificate. In passing, we may also point out that the approval of plans and commencement certificate were received by the Respondent in respect of the project before the amendment to Section 80B of the Act on 1st April, 2005. In such cases, this Court has taken a view that the time limit provided by the amendment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eceived on 19th January, 2005 but the Occupation Certificate was not obtained till 31st March, 2009. Thus, disentitling the Respondent to the benefit of Section 80IB(10) of the Act. 5. Consequent to the reopening of the Assessment, the Assessing Officer by an order dated 15th December, 2011 passed under Section 143(3) read with Section 147 of the Act, denied the benefit of deduction under Section 80IB(10) of the Act to the Petitioner, This, for not having obtained completion certificate within four years from the end of the financial year in which the project was approved by the local authority. Thus, assessing the Respondent's income at ₹ 6.35 Crores. 6. Being aggrieved, the Respondent filed an appeal to Commissioner of Inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... then delay on account of the competent authority in issuing completion certificate would not deprive the Assessee, the benefit of Section 80IB(10) of the Act. To the same effect the decision of the Gujarat High Court in CIT v/s. Tarnetar Corporation 362 ITR 174 . In the present case on facts, it is found that not only the project was completed within time but an application for granting of certificate was also made well within the time. Thus, the Respondent should not suffer on account of the delay at the hands of the Competent Authority issuing the certificate. 9. In passing, we may also point out that the approval of plans and commencement certificate were received by the Respondent in respect of the project before the amendment to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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