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Issues: Whether the assessee was entitled to deduction under Section 80-IB(10) of the Income-tax Act, 1961 despite the absence of a completion certificate issued by the local authority, where an architect's completion certificate and consequential material showed completion of the housing project within the prescribed time.
Analysis: The condition in the Explanation to Section 80-IB(10) requires the project to be completed within the stipulated period, and completion is to be evidenced by the relevant completion certificate. The completion certificate contemplated by the local building regime was the certificate issued by the registered architect, engineer or supervisor, which thereafter enabled the issuance of occupancy certificate by the municipal authority. On the facts, the assessee had produced a certificate dated 27 February 2008 from the registered architect certifying completion of the project on 25 February 2008, along with letters seeking occupancy certification. The Tribunal's view that the project had been completed within time was therefore based on the material on record, and no substantial question of law arose.
Conclusion: The assessee was entitled to the deduction under Section 80-IB(10), and the Revenue's appeal failed.
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