2015 (6) TMI 460

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....th the following proposed substantial questions of law :- "(A). Whether the order of the ITAT is perverse in law in holding that provision of Section 80IB is not applicable to projects approved in 2004 completely ignoring the provisions of Section 80IB(10)(a)(i) of the IT Act? (B). Whether the ITAT has erred I law and on facts in relying on the decision of Hon'ble Delhi High Court in the case of CHD Developers Ltd., (2014) 43 taxmann.com 249 (Delhi), where the facts in that case was different in so far as, in that case the assessee had applied for completion certificate within time, while in the instant case, no completion certificate has been applied for? (C). Whether the ITAT has erred in law and on facts in completely ignoring the fac....

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....), the assessee preferred a further appeal before the learned tribunal and by the impugned Judgement and Order, relying upon the decision of the Delhi High Court in the case of Commissioner of Income Tax-I V/s. CHD Developers Ltd., reported in (2014) 362 ITR 177 (Delhi), the learned tribunal has allowed the appeal preferred by the assessee and has held that, as the housing project was approved on 10/3/2004 by the competent authority, condition for obtaining Completion Certificate within a period of four years from the date of approval being eligible for deduction under section 80IB(10) of the Act, is not applicable. Consequently, it is held that the assessee shall be entitled to deduction under section 80IB(10) of the Act. 2.04. Feeling ag....

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....eted and the assessee could obtain Completion Certificate in respect to 20 units only and could not obtain Completion Certificate in respect of remaining 23 units, though the construction of the same were completed and though the assessee applied for Completion Certificate within a period of four years from the date of approval by the competent authority, Completion Certificate was not issued for the reasons best known to the authority. Therefore, both, A.O. as well as the learned CIT(A) disallowed the deduction claimed under section 80IB(10) of the Act. However, the learned ITAT deleted the disallowance made by the A.O. and held that the assessee shall be entitled to the deduction claimed under section 80IB(10) of the Act and while holding....