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| The Tax Publishers2019 TaxPub(DT) 8053 (MP-HC) INCOME TAX ACT, 1961
Section 80-IB
When housing project was approved on or after 1st April, 2004, assessee could avail of the benefit provided completion certificate issued by Local Authority is within four years from end of financial year in which concerned housing project was approved, otherwise assessee who maintained work-in-progress accounting method and has claimed deduction under section 80-IB(10)(a) must suffer the consequence of disallowance, therefore, appeal of Revenue was allowed.
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Deduction under section 80-IB - Condition precedent - Issuance of completion certificate after cut-off date by Local Authority - Computation of
Issue arose under consideration as to whether issuance of completion certificate, after the cut-off date by Local Authority but, mentioning the date of completion of project before cut-off date, fulfil the condition specified in clause (a) of section 80-IB(10) read with Explanation (ii) thereunder. Held: If housing project approved on or after 1st April, 2004, assessee could avail of the benefit provided completion certificate issued by Local Authority is within four years from end of financial year in which concerned housing project was approved by Local Authority. If this condition is not fulfilled, assessee who maintains work-in-progress accounting method and has claimed deduction under section 80-IB(10)(a) must suffer the consequence of disallowance or withdrawal of benefit claimed by him on that count. Thus, appeal of Revenue was allowed.
REFERRED : CIT v. Global Reality (2015) 379 ITR 0107 (MP) : 2015 TaxPub(DT) 4087 (MP-HC)
FAVOUR : Against the assessee
A.Y. :
IN THE MADHYA PRADESH HIGH COURT
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