2016 (12) TMI 874

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.... [A] "Whether the ITAT was correct in law and 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 'C' was issued by the local authority on 2/4/2012 ?" (iii) The assessee has infringed conditions laid down under Section 80IB [10] (c) as far as construction of penthouses is concerned ?" [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 authoritie....

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....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. 4. Feeling aggrieved and dissatisfied with the order passed by the learned CIT [A] allowing deduction under Section 80IB [10] of the Act, Revenue preferred Appeal before the Tribunal and by the impugned order, the learned Tribunal has dismissed the said Appeal preferred by the Revenue and thereby confirmed....

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....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 to 31st March 2012, but was granted by the local authority on 2nd April 2012, the assessee cannot be denied deduction under Section 80IB [10] of the Act. Under the circumstances, the learned CIT [A] has rightly allowed deduction under Section 80IB [10] of the Act with respect to such units/ho....