2014 (7) TMI 302

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....sessee claimed deduction under section 80IB of Rs. 3,54,89,336/- while admitting income under section 115JB on the book profit of Rs. 5.35 crores. A.O. did not allow the deduction under section 80IB on the profits earned from three housing projects viz., R.V. Avanindra, R.V. Manyata and R.V. Brundavanam on the reason that the projects were not completed before the due dates. Assessee obtained approval of the said projects on 26.06.2004 and construction has to be completed by 31.03.2009 as per the provisions of section 80IB. Assessee submitted a completion certificate issued by structural engineer to the GHMC vide its letter dated 15.09.2008 within the specified period i.e., 31.03.2009. However, the GHMC issued the certificate on 30.11.2009 ....

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....issue of occupancy certificate. c. After the lapse of 21 days, the occupancy certificate can be presumed to have been issued. 5.7 It follows from the facts of the present case that the appellant having applied for issue of occupancy certificate on 15.09.2008, can be deemed under the relevant Laws/Rules to have received the certificate on 07.10.2008 (i.e. after 21 days) which is well before the specified date u/s 80IB of 31.03.2009. 5.8 The decision in the case of Satish Bora and Associates also refers to the fact that such deemed issue of occupancy certificate would be applicable provided there are no major deviations in the plan. There is no evidence on record to show that any such major deviation took place. Indeed, the appellant....

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....0.2008. The appellant cannot be found fault with for the delay on the part of GHMC. Indeed, the Zonal Commissioner, West Zone, GHMC in his letter no.140/A1/WZ/GHMC/2009, dated 23.03.2009 wrote to the appellant as follows: "As verified from the records, it is to inform that for almost all the apartment/flats the property tax assessments are completed. As you are aware the matter concerning BPS regulations is pending before the Hon'ble High Court of Andhra the application will be processed only after appropriate orders are received from Hon 'ble High Court of Andhra Pradesh. Since the apartments/flats are already completed, the completion certificate as desired by you will be issued subjected to the outcome of the writ petition dis....