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The Tax Publishers2020 TaxPub(DT) 3492 (Pune-Trib) INCOME TAX ACT, 1961
Section 80-IB(10)
Where Revenue submitted a note and stated that the completion certificate on the basis of which CIT (A) allowed assessee's claim of deduction under section 80-IB(10) suffered from various discrepancies, which were mentioned in that note, the issue with regard to allowance of deduction under section 80-IB(10) to the assessee, was remanded to the CIT (A) for considering it afresh.
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Deduction under section 80-IB(10) - Income from developing and building housing project - Completion certificate -
Assessee-firm was carrying out the business of Development and Construction. It was sanctioned a residential building plan from Collector and Town Planning Department of a city. AO observed that the Town Planning Authority granted approval for 5 buildings whereas as per the completion certificate, only 4 buildings were completed upto 31-3-2013. Since one of the buildings was not completed before 31-03-2013, the AO disallowed the claim made by the assessee under section 80-IB(10). However, CIT (A) allowed the deduction under section 80-IB(10) to the assessee. Aggrieved, Revenue was in appeal. Held: Revenue submitted a note and stated that the facts relating to the correctness of the completion certificate issued by the Planning Authority and the Collector suffered from various discrepancies, which were mentioned in that note. It further, stated that the completion certificate mentioned shops, which were not there at that point of time of inspection by the authority. In response to the said allegations, the assessee stated that the error with regard to the shops in place of the buildings was a typographical error committed by the Town Planning Authority and his office. However, the Revenue submitted that the note furnished by it should be sent to the CIT (A) for fresh adjudication. Accordingly, the issue was remanded to the CIT (A) for considering it afresh in the light of the submissions made by the parties.
REFERRED :
FAVOUR : Matter remanded
A.Y. : 2012-13 to 2014-15
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