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TMI Blog2023 (7) TMI 1165X X X X Extracts X X X X X X X X Extracts X X X X ..... e section does not prescribe anywhere that the commencement certificate should be in the name of Assessee. What is required to be seen is whether Assessee has developed the project during the year under consideration and offered the income from the project for tax. Admittedly the Assessee has developed the project. No substantial questions of law arises. - INCOME TAX APPEAL NO.658 OF 2018 WITH INCOME TAX APPEAL NO.145 OF 2021(NOB) - - - Dated:- 19-7-2023 - K. R. SHRIRAM FIRDOSH P. POONIWALLA, JJ. For the Appellant : Mrs. Sushma Ngaraj a/w. Ms. Kinjal Patel, Ms. Sakshi Kapadia Ms. Vibhuti Keny. For the Respondent : Mr. Madhur Agrawal i/b. Mr. Atul K. Jasani. P. C.:- 1. The Revenue has proposed the following substa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed at a profit of Rs. 6,84,62,991/-. The entire profit was claimed for deduction under Section 80IB(10) of the Act. The AO concluded that Assessee was not entitled to claim deductions under Section 80IB(10) of the Act because the project was not an eligible project under the provisions of the Act under Section 80IB(10) of the Act. The reason for the AO to arrive at such a conclusion was according to him under Section 80IB(10)(a) of the Act, it says an undertaking shall commence and complete the housing project. It is not envisaged in the Act to commence the project by X undertaking and complete the same by Y undertaking. The commencement certificate was in the name of one Shanti Star Builders and others which was different from Assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve years from the end of the financial year in which the housing project is approved. e. The project should be on a plot of land having minimum area of 1 acre. f. The residential unit in the project has a maximum built up area of 1000 sq. mtrs. where the residential unit is situated in Delhi or Mumbai or within 25 Kms. from the Municipal Limits of these cities and 1,500 sq. mtrs. at any other place. g. The built up area of the shops and other commercial establishment included in the housing project does not exceed the prescribed percentage or the prescribed limit of the built up area. The ITAT after considering a certificate issued by the Architect M/s. Avinash Mhatre Associates has come to the conclusion on facts t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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