2014 (12) TMI 1320

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....enior Advocate, a/w P. C. Tripathi for the Respondent ORDER P. C.   By this Appeal, the Revenue challenges the order passed by the Income Tax Appellate Tribunal on 12th August, 2011 in the Appeal by the Assessee. 2] The Assessee filed an Appeal in the Tribunal challenging the order of the Commissioner of Income Tax (Appeals). The Appeal of the Assessee was numbered by the Tribunal....

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....lot of land. The Revenue had specifically urged that the Assessee had received a certificate styled as commencement certificate/Intimation Of Disapproval (IOD) for the first time and on such IOD being received for all practical purposes, the Assessee is free to commence the project. In these circumstances, that should be taken as a date when the construction commenced. It is submitted that the Tri....

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....so valid for one year. The construction could not start within the term stipulated in these certificates and by law. Thereafter, there was a commencement certificate issued on 2nd March, 2001. This refers to the earlier commencement certificate of 12th February, 1993 and its cancellation. Clause 22 of that certificate dated 2nd March, 2001 was relied upon to support this argument. Further, there w....

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.... commencement certificates could not be held to be valid after one year from the date of issuance. If they lapsed or were treated as cancelled, then, the Tribunal was right in its conclusion that benefit of section 80IB (10) can be derived or taken by the Assessee. All the three conditions for availing of the deduction or benefit are, thus, complied with. 9] To our mind, the factual finding ren....