TaxTMI 
TaxTMI 
2012 (2) TMI 278
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.... been made by the Assessing Officer while passing the order u/s 143(3) of the I.T. Act instead of confirming the same. 3. The learned Commissioner of Income-tax (Appeals)-II, grossly erred in deleting the addition by relying upon the Revised Commencement Certificate issued by Pune Municipal Corporation dated 30.04.2005, instead of considering the Original Commencement Certificate dated 12-09-2001 as per provisions of section 80IB(10)(a). 2. The relevant facts are that the assessee, a firm engaged in the business of Builders and Developers, had claimed deduction u/s 80IB(10) amounting to Rs.2,37,05,698/- in respect of the project "Hill Side". The AO denied the same on the basis that the project "Hill Side" was previously started by another....
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....ted 12-09-2001 while allowing the claimed deduction u/s 80IB(10) as per which the project was to be completed on or before 31st March, 2008. 4. The learned AR, on the other hand, tried to justify the first appellate order. He submitted that the project "Hill Side" in the case of assessee was different project than the initial project "Silver Valley" envisaged in the case of M/s Mahaveer Developers. The building plans were approved and commencement certificate for the project "Hill Side" in the case of assessee was issued by the PMC on 30th April, 2005 and hence the project was to be completed by 31st March, 2010. Since the assessee had completed the project well within the prescribed time limit, hence it was eligible for claiming deduction....
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....facts, we are of the view that the learned CIT(Appeals) has rightly come to the conclusion that for verifying the eligibility of the claimed deduction u/s 80IB(10) in the case of the assessee for the project "Hill Side", the commencement certificate obtained by the assessee on 30th April, 2005 is to be taken into consideration for computing the prescribed time limit available for completion of the project. The available time for completion of the said project "Hill Side" regarding which commencement certificate by the local municipal authority was issued on 30th April, 2005 was upto 31st March, 2010. The assessee had completed the project on 18-11-2009, which was well within the stipulated time limit. The AO in his remand report has also ac....