Kar HC holds : Denial of deduction u/s 80-IB due to non-production of completion certificate not justified when no provision for issuance of same under BDA Act

The Hon’ble Karnataka HC extends Sec 80IB(10) deduction to assessee-builder undertaking housing project approved by Bangalore Development Authority (‘BDA’); Denial of deduction on ground of non-production of project completion certificate not justified when there is no provision for issuance of same under BDA Act or under any other Karnataka State Municipal Act; Not proper in law to ask assessee to do impossible by insisting production of completion certificate, not mandated under State laws; HC directs Revenue to suitably amend law or issue appropriate circulars keeping in mind relevant law governing the State; Further holds Sec 80IB(10) amended provision seeking completion certificate not applicable to assessee, since its housing project was approved prior to April 1, 2005.

To read complete text of judgement, click here Ittina Properties-Kar HC

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