2019 (3) TMI 898

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....the case, the Learned Income Tax Appellate Tribunal has erred in law in allowing the deduction under Section 80IB(10) of the Income Tax Act, 1961 read with Rule 18BB of the Income Tax Rule, 1962 ? 2) Whether the Income Tax Appellate Tribunal erred in law in allowing the deduction under Section 80IB of the Income Tax Act during the Assessment Year 2007-08 whereas the completion certificate issued by the Kolkata Municipal Corporation on May 12, 2007 which falls in Assessment Year 2008-09 as such the order of the Income Tax Appellate Tribunal is perverse ? 3) Whether the Income Tax Appellate Tribunal erred in law in allowing the claims of respondent/assessee under Section 80IB in violation of Rule 27 and 28 of the Kolkata Mun....

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....lding plan of such housing project is first approved by the local authority ; (ii) the date of completion of construction of the housing project shall be taken to be the date on which the completion certificate in respect of such housing project is issued by the local authority ; . . . ." The problem in this case is that, the completion certificate was issued by Kolkata Municipal Corporation on 12th May, 2007 and the benefit taken by the respondent-assessee in that assessment year, i.e. in the financial or previous year 2006-2007. This is the objection of the Revenue. Mr. Dutta, learned Advocate for the appellant contends that since the certificate of completion was obtained on 12th May, 2007, the benefit of Section 80-IB(10) ou....

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....nstruction will override earlier clarification on this issue contained in Member(R)'s D.O. letter No. 58/Misc./2008/CIT(IT&CT) dated 29.04.2008 and Member (IT)'s D.O. letter No. 279/Misc./46/08-ITJ dated 2.5.2008. 5. This may kindly be brought to the notice of the all Assessing Officers in your change." He said that the development and building housing project had to be approved before 31st Day of March, 2007 and had to be completed within four years. In the case at hand the approval was obtained on 6th May, 2004. The completion certificate was also obtained within four years of 31st March, 2007. Surely, the respondent-assessee fulfilled the requirements of Section 80-IB (10) of the said Act. Now what would be the effect o....