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ITAT allows Deduction u/s.80IB(10) on partially complete project
Case Law Details
- Case Name
- M/s. Ramsukh Properties Vs. Dy CIT (ITAT Pune)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007-08
- Courts
- ITAT Pune
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Assessee is a firm engaged in business of builder and promoter. The issue before us is regarding allowability of deduction u/s.80IB(10) of the Act on partially complete project. The Assessing Officer has denied the deduction on the ground that project was not complete within the stipulated time. There is no dispute with regard to other conditions laid u/s.80IB(10) of the Act,
i.e., commencement of project, area of land of project, etc. Assessee’s housing project was approved vide commencement certificate No.3837/04 dated 13.01.2005 out of which completion certificate was obt...
