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Issues: Whether deduction under section 80IB(10) of the Income-tax Act, 1961 was allowable where the housing project was completed and the assessee had applied for the completion certificate within time, but the local authority issued the certificate later.
Analysis: The assessee had completed the residential project before the statutory cut-off and had applied to the municipal authority for issuance of the completion certificate in time. The denial of the certificate by the authority was not attributable to any default of the assessee. The deduction under section 80IB(10) turns on fulfillment of the substantive conditions for a housing project, and the later issuance of the certificate by the local authority could not defeat the claim where compliance was otherwise established. The Tribunal also followed the earlier decision in an identical matter involving a sister concern, applying the same reasoning to the present facts.
Conclusion: Deduction under section 80IB(10) was rightly allowed and the departmental challenge failed.
Ratio Decidendi: Where an assessee has completed a housing project within time and has timely applied for the completion certificate, delayed issuance by the municipal authority does not, by itself, disentitle the assessee from deduction under section 80IB(10) if the statutory conditions are otherwise satisfied.
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