Search Results Page
Search Results
1 - 6 of 6 (0.44 seconds)Section 263 in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income Tax -25 vs M/S.Vandana Properties on 28 March, 2012
In the spirit of what has been laid
down by the Hon'ble Bombay High Court in the case of Vandana
Properties(supra), in our considered opinion, assessee is fully justified in
considering Buildings No. 2 & 5 in the complex of 'Balaji Garden' as a 'housing
project' for the purposes of claiming deduction under section 80 IB(10) of the
Act. Clearly on this aspect the CIT misdirected himself and, therefore, in this
view of the matter the issue as to whether the other buildings have been
completed within the time frame is not at all relevant to evaluate assessee's
11
ITA No.920/Mum/2016
(Assessment Year 2011-12)
claim for deduction under section 80IB(10) of the Act in the instant year.
Moreover, in so far as the said project comprising of Buildings No.2 & 5 is
concerned, the same has been completed on 19/03/2010, when assessee's
architect submitted application to the local authority for issuance of
Occupancy Certificate. The aforesaid is clearly born out of the completion
certificate issued by the concerned local authority i.e. Kalyan & Dombivali
Municipal Corporation, Kalyan dated 17/09/2013, a copy of which has been
placed at page 60A of the Paper Book. Further, the assessee has referred to
the decision of the Court of Joint Civil Judge, Kalyan dated 25/11/2010,
wherein it is decreed that the Occupancy Certificate and Completion
Certificate as per provisions of Rule-38 of the Kalyan-Dombivili Municipal
Corporation Development Control Regulations is deemed to have been
obtained in respect of Buildings No.2 & 5 on 19/03/2010, i.e. on the date
when requisite application was made by the assessee. Considered in this light,
it has to be understood that the completion of construction of the instant
housing project is within the period stipulated in section 80 IB(10)(a)(iii) of the
Act r.w. Explanation (ii) thereof. Thus, on this aspect, we find no reason to
uphold the stand of the CIT.
The Mumbai Municipal Corporation Act, 1888
Section 80IB in The Income Tax Act, 1961 [Entire Act]
M/S Nandani Construction, ... vs Ito Ward-1(1), Bilaspur(Cg) on 17 February, 2016
(iv) M/s. Rahul Construction C. Vs. ITO, Ward 3(1), Pune,
51 SOT 192 (Pune)
6
ITA No.920/Mum/2016
(Assessment Year 2011-12)
5.2 Coming to the factual matrix, Ld. Representative for the assessee
explained that in so far as the commencement certificate for Buildings No.2 &
5 is concerned, the same has been issued by the Local authority on
08/02/2007, a copy of which has been placed in the Paper Book at page -14. It
is pointed out that application for issue of completion certificate was
submitted on 19/09/2010 i.e. within the time limit of five years prescribed in
section 80 IB(10) of the Act, but the Local authority did not issue the certificate
within 21 days nor did it communicate any objection to the assessee and,
therefore, following a petition moved by the assessee The Court of Joint Civil
Judge, Junior Division Kalyan held that the Local authority not having rejected
the application within 21 days, as per Rule-38 of the Corporation
Development Control Regulations, the application is deemed to have been
accepted. Therefore, as per the Court order, the Local authority is deemed to
have issued the completion certificate for the Buildings No.2 & 5 on the basis
of the application dated 19/03/2010; and, a copy of such certificate dated
17/09/2013 has been placed at page 60A of the Paper Book.
1