2012 (10) TMI 803

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....appeal against the judgment of the Tribunal dated 24.5.2011 raising following question for our consideration : "Whether the Appellate Tribunal is right in law and on facts in deleting the disallowance of deduction of Rs. 1,02,69,964/- made u/s.80-IB(10) of the Act ?" 2. The issue pertains to deduction claimed by the assessee under section 80-IB(10) of the Act on development of housing projec....

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....n. 3. With respect to the second contention, we may record that the contention of the Revenue is that the assessee did not complete the housing project within the statutory time frame. Under sub-clause (i) of clause (a) of section 80-IB(10), the assessee since had got approval for the housing project from the local authority before 1st April, 2004 was required to complete the construction lates....

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....pplied for BU permission to the local authority. The local authority, however, for technical reasons, at one stage rejected such application in the year 2006 and thereafter upon revised efforts from the assessee granted the same by order dated 19th March, 2009. 5. We have perused the detailed discussion of the CIT (Appeals) as well as the Tribunal on the issue. In particular, the Tribunal noted....

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....owever, not every condition of the statute can be seen as mandatory. If substantial compliance thereof is established on record, in a given case, the court may take the view that minor deviation thereof would not vitiate the very purpose for which deduction was being made available. 7. In the present case, the facts are peculiar. The assessee had not only completed the construction two years be....