TaxTMI 
TaxTMI 
2021 (12) TMI 26
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....Act (the Act) was passed on 17th December 2009 assessing the total income of respondent at Rs. 13,50,93,090/-. In the assessment order, respondent's claim of deduction under Section 80IB(10) (Deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings) of the Act of Rs. 13,50,93,090/- was disallowed holding that development and construction of the housing project commenced from a date prior to 1st October 1998, thereby violating clause (a) of Section 80IB(10), hence respondent was ineligible to claim the deduction. According to Assessing Officer, it was found that BMC had issued commencement certificate to assessee's project Gundecha Gardens on 28th November 1992 to one B....
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.... We have to note that the Commissioner of Income Tax-24 (CIT) Mumbai had invoked his revisionary jurisdiction of Section 263 of the Act and set aside the assessment order under Section 143(3) dated 17th December 2009 by holding the same to be erroneous and prejudicial to the interest of revenue. CIT observed that while rejecting the claim for deduction under Section 80IB(10) the Assessing Officer had only focused on commencement date of the project but had not enquired or verified about respondent complying with every condition of completion of project on or before 31st March 2008. Against that order of CIT under Section 263 of the Act, an appeal was preferred by respondent before Income Tax Appellate Tribunal (ITAT) and the appeal came to ....
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...."(i) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Income Tax Appellate Tribunal erred in allowing deduction u/s 80IB(10) of the Income Tax Act 1961, without appreciating the fact that the commencement certificate of the local authority for the housing project was obtained on 28th November 1992, i.e., much before 1st October 1998, the date on or after which the development and construction of the housing project should have commenced to be eligible for deduction u/s 80IB(10) of the Income Tax Act 1961. (ii) Whether on the facts and in the circumstances of the case and in law, the Hon'ble Income Tax Appellate Tribunal erred in allowing deduction u/s 80IB(10) of the Income Tax Act 1961, without app....
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....plan has been approved by the local authority only in 2003. It has been factually held that as per the original plan approved on 28th November 1992, two buildings were to be constructed on the aforesaid plot of land. As per the revised building plan approved by the local authority in 2003, seven buildings were to be constructed on the said plot of land. It is also not disputed that assessee is a different entity from Bombay Gas Co. Ltd. which had got original plan approved in 1992 and the assessee had taken possession of the plot of land only in the year 2003 and thereafter got the revised plan approved. 8. In our view, the ITAT has not committed any perversity or applied incorrect principles to the given facts and when the facts ....