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Issues: Whether the assessee was entitled to deduction under section 80IB(10) of the Income-tax Act, 1961 in respect of the housing project when the Pune Municipal Corporation had not issued a completion certificate in the ordinary course, and whether the date of completion could be taken as the expiry of the 21-day deeming period under the municipal rules.
Analysis: The deduction under section 80IB(10) depends upon completion of the housing project within the prescribed time, evidenced by the completion certificate issued by the local authority. Under the Pune Municipal Corporation rules, the owner furnishes completion plans through the licensed architect, and the authority is then required to inspect and either sanction or refuse occupancy within 21 days, failing which deemed approval operates. The record showed that the assessee had furnished the completion certificate through the licensed architect and that the corporation raised objections only after the deeming period had expired. The objections noted were treated as minor and not affecting the completion of the main project. In this setting, the completion date for the purposes of Explanation (ii) below section 80IB(10)(a) was taken as the date on which the deeming period expired.
Conclusion: The assessee was held entitled to deduction under section 80IB(10), and the assessment orders denying the claim were set aside.
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