9911796707
TMI Blog2021 (8) TMI 167X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of Flat Nos. 904 and 1001 in A Wing and 002 in B Wing which are covered by the Completion Certificate Part-1 issued by the Compete Authority Municipal Corporation of Pune. DR did not bring on record any evidence showing these flats are not covered by the Part-1 Completion Certificate issued by the Pune Municipal Corporation vide order dated 23-03-2011. Thus, we hold that the assessee is entitled to claim deduction u/s. 80IB(10) of the Act against the Flat Nos. 904, 1001 and 002 in A and B Wings, respectively as eligible units in terms of order of proportionate deduction as laid down by this Tribunal in assessee s own case for A.Y. 2012-13. Thus, the order of CIT(A) is not justified and sole ground raised by the assessee is a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Corporation sanctioned building construction for 48 flats in A Wing and 20 flats in B Wing. The assessee named said project as Twin Nest consisting of above said A and B Wings which are separate projects vide approval dated 27-03-2006 by the Pune Municipal Corporation. According to the AO, the said project requires to be completed within 5 years from the date of approval i.e. on or before 31- 03-2011 in order to be eligible for claimed u/s. 80IB(10) of the Act. We note that the Pune Municipal Corporation issued Completion Certificate Part-1 in respect of 47 flats in A Wing and 16 flats in B Wing vide order dated 23-03-2011 which is on record at Page No. 132 of the paper book. In the year under consideration, the assessee sold ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... held the project in B Wing is incomplete and denied deduction in respect of profits earned on Flat No. 002 in B Wing. On perusal of the Completion Certificate Part-1 which clearly shows the Completion Certificate issued for Flat No. 002 in B Wing and there is no dispute regarding this by bringing contrary evidence to that effect. Therefore, in our opinion, the assessee is entitled to claim deduction u/s. 80IB(10) of the Act in respect of sale proceeds of Flat No. 002 in B Wing. 5. Further, this Tribunal in assessee s own case for A.Y. 2012-13 on similar identical facts held the assessee is entitled to proportionate deduction concerning sale of another flat in B Wing vide order dated 17- 03-2019 which is at Page No. 210 of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
