2016 (12) TMI 501

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....nd fact to allow the claim under Section 80IB of the Act when : (i) Evidences found during the survey u/s. 133A of the Act shows that construction was not completed on 31/03/2012 ? (ii) BUC for Tower 'A', 'B' & 'F' were issued by the local authority on 2/4/2012 ?" [B] "Whether the ITAT was correct in law and fact that the AO is not expected to decide the technical aspects of completion of any project and question the validity of completion certificate issued by the local authority with reference to General Development Control Regulation when the concerned authorities have accepted the completion with the validity of BUC issued. When no such legal bar is found in any of the provisions of the Act ?" 2. Heard Shri Sudhir Mehta, learned ....

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....learned Commissioner of Income Tax [Appeals]. On appreciation of evidence, the learned CIT [A] gave finding that though BU Permission was granted by the local authority on 2nd April 2012, however, the project was already completed prior to 31st March 2012. Therefore, the learned CIT [A] was of the opinion that merely because BU permission has been granted subsequently, the assessee cannot be denied deduction under Section 80IB [10] of the Act. On appreciation of evidence, the learned CIT [A] also did not accept the findings recorded by the Assessing Officer that some of the units/flats were sold to family members. Therefore, the learned CIT [A] allowed deduction under Section 80IB [10] of the Act, as claimed by the assessee. 4. Feeling agg....

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....ion under Section 80IB [10] of the Act. 7. Identical question to be considered by the Division Bench of this Court in case of Income-tax Officer v. Saket Corporation, reported in [2015] 62 Taxmann 38 [Gujarat] which is with respect to a housing project consisting of 43 units. When it was found that with respect to 20 units, the construction was already completed and BU permission was granted within stipulated time, it was held that the assessee is entitled to deduction under section 80IB [10] of the Act to the extent of such twenty units. 8. In view of the aforesaid facts and circumstances of the case, more particularly when the housing project was already completed/ constructed prior to 31st March 2012 and BU permission was applied prior....