TaxTMI 
TaxTMI 
2016 (3) TMI 1277
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....these appeals were heard together and are being disposed off by this common order for the sake of convenience. ITA No.688/Chd/2014 : 3. Briefly, the facts of the case are that the assessee is a builder. During the year, it claimed deduction under section 80IB of the Income Tax Act, 1961 (in short 'the Act'), amounting to Rs. 1,50,69,453/-. The Assessing Officer noticed that the assessee had filed Completion Certificate from Municipal Town Planner, Municipal Corporation, Patiala dated 30.12.2011 alongwith a letter from the assessee written to Commissioner, Municipal Corporation, Patiala dated 29.3.2010 requesting for Completion Certificate. The Assessing Officer contended that the housing project approved on 1.4.2005 should have b....
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....artment has come in appeal before us, raising the following grounds of appeal : "1. In the facts and circumstances of the case and in law, the Ld.CIT(A) has failed to appreciate that Explanation (ii) below section 80IB(10) states that the date of issue of completion certificate by the local authority will be taken to be the date of completion of construction and in this case, since admittedly the completion certificate wasissuedafter31.3.2011inrespect of a project which was first approved on 06.10.2005, the condition of completion of construction within 5 years of the end of the financial year in which the project was first approved was not satisfied and the deduction u/s 80IB(10) was not allowable to the assessee. 2. In the facts and c....
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....ject. In reply to the said enquiry, the office of the Municipal Corporation has described the process of granting certificate, which takes time to get technical clearance. This was shown to us to emphasis the fact that getting the Completion Certificate is not in the hands of the assessee. Reliance was placed on the same judgments, which were placed before the lower authorities. 8. We have heard the learned representatives of both the parties, perused the findings of the authorities below and considered the material available on record. Though there are a number of judgments in favour of the assessee in the said circumstances, we would like to refer to the judgment of Gujarat High Court in the case of CIT Vs. Tarnetar Corporation, reported....