TaxTMI 
TaxTMI 
2016 (2) TMI 695
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.... against the appeal of the Revenue. 2. Both the appeal and Cross Objection relating to the assessee emanating from the same assessment year are being disposed of by this consolidated order. 3. In the appeal of the Revenue, the Assessing Officer has impugned the findings of the CIT(A) in allowing deduction under section 80IB(10) of the Act to the assessee in respect of housing project 'Kumar Primavera'. The Assessing Officer has challenged the findings of the CIT(A) by raising the following Grounds of Appeal:- "1. The order of the Ld. Commissioner of Income-tax(Appeals) is contrary to law and to the facts and circumstances of the case. 2. The Ld. Commissioner of Income-tax(Appeals) erred in deleting the disallowance m....
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.... to be taken into account and as per Explanation (i) to u/s. 80IB(10), subsequent approvals, if any, would date back to the first approval; and that by applying the said Explanation the assessee had failed to complete the construction of buildings A-3 to A-8 before 31.03.2009. 7. The Ld. Commissioner of Income-tax(Appeals) erred in holding that separate rule of completion had to be applied to buildings A-3 to A-8 as distinguished from A- 1 and A-2 whereas, it is unambiguous from section 801B(10} that the limitation for construction has to be computed with reference to the approval given to the "project" and not the approval given for a "building". 8. The Ld. Commissioner of Income-tax(Appeals) erred in deciding the appeal ....
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....certificate in respect of phase-II was obtained on 08-09-2006. An approval was granted for construction of parking + 9 floors of the buildings. At the time of grant of commencement in respect of phase-II i.e. on 08-09-2006, the plan for phase-I was also revised and two more floors were added to the buildings A-1 and A-2. The plan was revised for phase-I vide same communication in which the approval for commencement in respect of buildings in phase-II i.e. A-3 to A-8 was granted by PMC. The assessee had obtained completion certificate in respect of buildings in Phase-I on 05-09-2008 and in respect of Phase-II in March, 2011. During the course of scrutiny assessment proceedings relevant to assessment year 2008-09 the Assessing Officer appoint....
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....the facts of the case, accepted the claim of assessee and allowed deduction under section 80IB(10) of the Act. The CIT(A) treated buildings A-1 and A-2 as separate housing project in Phase-I and the remaining buildings A-3 to A-8 in Phase-II as separate project. Now, the Revenue is in appeal against the findings of CIT(A) before us. 7. The Ld. Authorized Representative for the assessee, at the outset, submitted that the issue is identical and squarely covered in its own case in the earlier assessment years 2008-09 & 2009-10 in ITA Nos.2028 & 2218/PN/2012, order dated 21.09.2015 respectively. 8. We find that the Co-ordinate Bench of the Tribunal in assessee's own case in the preceding assessment years has held that the assessee is elig....
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....'s appeal, erred in upholding action of the learned AO with respect to pre-ponment of revenue on 25 flats on which the Respondent had received only advances and sale was not concluded as per the method of accounting consistently followed by the Respondent. The Respondent craves, to consider each of the above grounds of cross objections without prejudice to each other and craves, leave to add, alter, delete or modify all or any of the above grounds of cross objections." 10. In the Ground No.1 of Cross Objection, the assessee has supported the order of the CIT(A). Since, we have already held that the appeal of the Revenue is dismissed and order of the CIT(A) is confirmed in respect of eligibility of deduction under section 80IB(10....