TaxTMI 
TaxTMI 
2018 (12) TMI 1522
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..... 7,98,48,800/? (b) Whether on the facts and circumstances of the case, the Tribunal erred in failing to appreciate that the first approval in respect of the housing project had been given by the Municipal Corporation on 17.03.2004 and the said approval has to be reckoned for the purpose of granting deduction u/s. 80IB(10) to the assessee in view of explanation to the said section; (c) Whether on the facts and circumstances of the case, the Tribunal erred in failing to appreciate that as the first approval has been taken on 17.03.2004, the assessee should have completed construction by 31.03.2008 which it failed to do and, therefore, it was not eligible for deduction u/s. 80IB(10) of the Act? (d) Whether on the facts and circumstances of....
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....ibunal that the Assessee had developed a project which was not developed by the preceding owners. The Tribunal found that the Assessee had merely acquired the right to develop the open land on which previous owner had not commenced the development. The Tribunal, therefore, allowed Assessee's appeal, making following observations: "(4): The project of the assessee is at Survey No.43A/1+2+3+4 Hadapsar, Pune. It was claimed by the assessee that the project commenced on 02.08.2006, when it was first approved by the 'local authority' i.e. Pune Municipal Corporation (PMC). The project of the assessee comprised of Phase-1 consisting of 4 buildings with 154 flats and Phase-II containing 3 buildings with 180 flats. The final completion ....
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....e us, the dispute essentially revolves around the condition contained in clause (a) of section 80IB(10) of the Act. In terms of clause (a), deduction is available in respect of a housing project, whose development and construction is commenced on or after 01.10.1998 and completed within the period prescribed in sub-clauses (i), (ii) and (iii) therein. In the case before us, the claim of the assessee is that its housing project has been approved by PMC on 02.08.2006 and therefore, the period allowed for completion of construction shall be governed by sub-clause (iii) of clause (a) to section 80IB(10) of the Act. Thus, as per the assessee, it is entitled to complete the construction of the project upto 30.03.2012. On the contrary, the claim o....
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....e the factual matrix in the present case and the applicable legal position. 13:In our considered opinion, the stand of the Revenue is quite inappropriate. Firstly, it is quite evident that the assessee firm was incorporated only on 31.01.2006 and it could not be said that the assessee firm obtained first sanction of its project on 17.03.2004, a date anterior to its incorporation. Secondly, it is also emerging from the agreement dated 03.02.2006 entered by the assessee with Tupe Family and Ravi Promoters that assessee not only acquired the land along with the development rights thereto but also the use of the permissible FSI and the balance of the unused FSI by the erstwhile seller i.e. Ravi Promoters. Factually, speaking, there is no deni....