Law:

Section:

Section 80-IB of the Income-tax Act, 1961 - Deductions - Profits and gains from industrial undertakings other than infrastructure development undertakings (Housing Project) - Assessment years 2002-03 to 2007-08 - Assessee was a builder and developer company - It undertook a mega housing project - Project was approved in 2000 - Assessee completed a part of project and obtained completion certificate for that part of project from Municipal Corporation on 10-10-2008 - Assessee sought exemption under section 80-IB(10) - Assessing Officer denied assessee's claim on ground that completion certificate was not issued on or prior to 31-3-2008 - However, it was found that architect of project had given a completion certificate prior to 31-3-2008 and assessee had submitted application to Municipal Authority along with such certificate well in time on 25-3-2008 - Thereafter, completion certificate was issued on 10-10-2008 by Municipal Authority and this delay could not be attributed to assessee - Whether , on facts, assessee was entitled to exemption under section 80-IB(10) - Held, yes [Para 12] [In favour of assessee] FACTS â–  The assessee was a builder and developer company. They had undertaken a Mega Housing Project on a layout covering an area of about 25 acre. â–  The project was approved in February, 2000. The assessee completed part of the project and obtained completion certificate for that part of the project from Municipal Corporation on 10-10-2008. The assessee sought for exemption under section 80-IB(10). â–  Their claim was denied by the Assessing Officer on the ground that Completion certificate was not issued on or prior to 31-3-2008. â–  On appeal before the Commissioner (Appeals), same was dismissed. â–  On second appeal, the Tribunal held that in view of the fact that the assessee had made application seeking completion certificate prior to 31-3-2008, the date on which the completion certificate was issued was not material. It was also held that the delay in obtaining completion certificate was not attributable to the assessee. This delay was beyond their control. â–  On appeal: HELD â–  If a project is really complete…

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