Dismissing the appeal of the revenue the Court held that prior to April 1, 2005, section\u00a080-IB(10)\u00a0of the\u00a0Income-tax Act, 1961\u00a0provided only three conditions for the eligibility for the deduction. There was no such condition that the project in question should be completed and completion certificate obtained within the period of four years. The condition was imposed by the amendment with effect from April 1, 2005. The condition will be applicable prospectively and not retrospectively. Accordingly\u00a0 \u00a0once it had come on record by the fact finding authority that there was no such condition to have the completion certificate within four years from the local authority granting approval of the projects, the reassessment proceedings taken against the assessee were held to be bad in law. \u00a0(Followed CIT v. Brahma Associates ( 2011) 333 ITR 289 ( Bom) (HC), CIT v. Sarkar Builders (2015) 375 ITR 392 (SC) (AY. 2005-06, 2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 80IB(10) : Housing projects- Condition that completion certificate must be obtained within four years from local authority -Amendment is not retrospective \u2014Not applicable prior to 1-4-2005 \u2013 Order of Tribunal quashing the reassessment is held to be valid. [S. 147, 148]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-8267","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-29l","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=8267"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8267\/revisions"}],"predecessor-version":[{"id":8803,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/8267\/revisions\/8803"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=8267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=8267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=8267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}