2017 (1) TMI 445

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....ers dated 31-01-2013 & 14-03-2013 u/s 143(3) of the Income Tax Act, 1961 (hereinafter 'the Act').   2. The only common issue in these two appeals of assessee is as regards to the orders of CIT (A) disallowing the claim of deduction u/s 80IB (10) of the Act for want of evidence that the project was completed within this stipulated time limit i.e. 31-03-2013. For this assessee has raised various grounds in both the years and for the sake of convenience and brevity we are reproducing the grounds from the A.Y. 2010-11 as under:-   "1. The learned Commissioner of Income Tax (Appeals) erred in confirming the disallowance of deduction u/s 80IB (10) of the Income Tax Act, 1961 for Rs. 1,72,53,670/-   2. The learned Commissioner of....

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....(a) Party should obtain Occupation Certificate within 5 years from the end of the financial year in which the housing project was approved by the L0 .r Planning Authority i.e. on or before 313t March, 2013.   (b) The area of the project should be more than 1 Acre or 4048 Sq. Mtrs.   c) The built up area of the residential flat should not be more than 1000 sq.ft.   d) The built up of the shopping should not be more than 3% of the total built up area of the project or 5000 sq.ft. Whichever is higher.   e) The units so proposed to be constructed in the said project, is allotted only to the single individual and not than one unit is allotted to the same individual or to his spouse or his children or to his HUF."   ....

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....using project on or after the 1st day of October, 1998 and completes such construction....(iii) in case where a housing project has been approved by the local authority on or after the 1st day of April, 005, within five years from the end of the financial year in which the housing project is approved by the local authority". In present case, the approval is received on 10-09-2007 i.e. FY 2007-08, and hence the project needs to be completed within five years from the end of said FY i.e. up to 31-03-2013.   I find it to be an undisputed fact that the appellant was unable to prove that the project was completed by producing the Completion/Occupation Certificate at the time of assessment, and also thereafter within the stipulated time lim....

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....i vide CE/1154/BPES/AS dated 26-02-2013 and also another approval CE/1154/BPES/AS dated 04-03-2013 this approvals covers full occupation permission for blocks "A", "B", "C", "D" and "E" of building comprising of stilt + 1st to 19th + (part) 20th upper floors and ground floor of this project. These approvals are enclosed at pages 33-37 of assessee's paper book. As regards to the withdrawal of claim for AY 2012-13, the learned Counsel for the assessee stated that due to wrong impression, the assessee first withdrawn his claim and then revised the same claim before the AO by filing a revised return for AY 2012-2013 dated 03-03-2014 during the pendency of assessment proceedings. The learned counsel for the assessee informed that this claim is p....