INCOME TAX ACT, 1961

Section 80 IB(10)

Deduction under section 80 IB(10) - Income from developing and Building Housing Project - Completion/occupation certificate was produced by assessee in appellate proceedings -

Revenue challenged order of Tribunal contending that it overlooked categorical finding of CIT(A) that assessee was unable to produce the completion/occupation certificate evidencing the completion of the project till 31-3-2013, and in admitting fresh evidence produced before it for the first time, without recording its satisfaction, in violation of Rule 29 of the ITAT Rules, 1963. Held: Tribunal noted that assessee had furnished the commencement certificate issued by the Bombay Municipal Corporation dated 10.09.2007 and, occupation certificate issued by the Municipal Corporation of Greater Mumbai dated 26.02.2013, besides other documents which clearly showed that there were approvals which cover full occupation/permission for all the blocks of the building project. There being no violation of any of the conditions mentioned in section 80IB(10)of the Act, the above claim of the assessee was allowed by the Tribunal. When completion/occupation certificate was handed over to assessee, the same was produced before Tribunal. There was no harm in Tribunal taking cognizance of this certificate. In so far reference to Rules 29 and 30 of the Income Tax (Appellate Tribunal) Rules, 1963 is concerned, it is trite that rules and procedures are the handmaid of justice which are required to be applied to advance the cause of justice and not to frustrate the same.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

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