Where the assessee had sold 21 units located in the Industrial park and those units were also operational, it was entitled to the deduction under section 80IA(4) which is available to the assessees who begin to develop, operate and maintain industrial parks. The date of certificate from the local authority is not to be taken as the date of commencement. Followed Ganesh Housing Corporation Ltd v. Under Secretary ( 2011) 399 ITR 441 ( Guj) (HC). Appeal of revenue is dismissed. (A.Y. 2007-08)
PCIT v. Kolte Patil Developers Ltd. (2019) 175 DTR 280 / 307 CTR 704 (Bom.)(HC)
S. 80IA : Industrial undertakings – Infrastructure development- Where the assessee had sold many units, it was entitled to deduction under S.80-IA even if the Authority’s approval came later on. [S. 80IA(4)(iii)]