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        Housing project deduction under Section 80IB(10) cannot be withdrawn without factual changes, separate approved blocks qualify independently

        Deputy Commissioner of Income Tax, Circle-2 (2), Ahmedabad Versus Parshwanath Corporation

        Deputy Commissioner of Income Tax, Circle-2 (2), Ahmedabad Versus Parshwanath Corporation - TMI Issues Involved:
        1. Eligibility for deduction under Section 80IB(10) of the Income-tax Act for the Parshwanath Om Residency Project (POR Project).
        2. Eligibility for deduction under Section 80IB(10) of the Income-tax Act for the Parshwanath Metro City Project (PMC Project).

        Summary:

        Issue 1: Deduction under Section 80IB(10) for POR Project
        - Department's Argument: The Ld. CIT(A) erred in allowing the deduction as the approval from the local authority was not obtained before 31.03.2008, violating clause (a)(i) of Section 80(IB)(10).
        - Assessing Officer's Observations: The actual approval from GUDA was taken on 27.10.2010, not before 31.03.2008.
        - Assessee's Argument: Approval for the POR Project was obtained on 30.03.2007, and the letter dated 27.10.2010 was a revised development permission.
        - CIT(A)'s Findings: Approval was indeed obtained on 30.03.2007, as supported by GUDA's letter dated 12.06.2017. The project met all conditions under Section 80-IB(10).
        - Tribunal's Decision: The Ld. CIT(A) correctly allowed the deduction, as the approval date was 30.03.2007, and the Department did not provide substantive evidence to dispute this.

        Issue 2: Deduction under Section 80IB(10) for PMC Project
        - Department's Argument: The assessee did not complete the entire project of 376 units before 31.03.2012, violating clause (a)(iii) of Section 80(IB)(10).
        - Assessing Officer's Observations: BU permission was given for only 349 units out of 376.
        - Assessee's Argument: BU permission was obtained for 349 units, and deduction was claimed only for these units. The remaining units in three blocks were separate and independent.
        - CIT(A)'s Findings: The assessee was entitled to pro-rata deduction for the completed units, as supported by various judicial precedents.
        - Tribunal's Decision: The assessee is eligible for deduction under Section 80-IB(10) for the units for which BU permission was obtained. The denial of deduction for the entire project was not justified.

        Conclusion:
        The appeals by the Department for both A.Y. 2013-14 and A.Y. 2014-15 are dismissed. The assessee is entitled to deductions under Section 80-IB(10) for both the POR and PMC projects as per the findings of the CIT(A) and supported by judicial precedents.

        Topics

        ActsIncome Tax
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