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”1. In the facts and circumstances of the case and in law, the learned Assessing Officer has erred in disallowing the deduction (of Rs.3,43,18,380 in A.Y. 2004-05 and Rs. 1,49,06,223/- in A.Y. 2005-06) as claimed by the appellant u/s 80IB[10] of the I.T. Act 1961, in respect of the Profits earned by the appellant from the Housing Project namely Pinnac Dhavalgiri Pune at S.No.13/1/7+13/1/14 at Pashan Pune. The said deduction as claimed by the appellant may please be granted to the appellant.
2. The learned Assessing Officer has failed to appreciate the Development Control Rules of Pune Municipal Corporation and the provisions of The Bombay Provincial Municipal Corporation Act 1949 and has further erred in holding that the authority to issue the completion Certificate to the building vests with the PMC. The aforesaid finding being patently contrary to the statutory provisions, the same may please be vacated and it may please be held that an authority to issue the Completion Certificate does not vests with the PMC authorities and therefore the statutory requirement of obtaining Completion certificate from the local authority is an impossibility in respect of Housing Projects developed in Pune and consequently the Completion certificate issued by an architect be held to be the sufficient compliance of the Statutory provisions u/s 80IB[10] of the I.T. Act 1961 and consequently the
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ITA No. 713 & 714/PN/2010 M/s. Satish Bora and Associates
A.Ys.2004-05 &2005-06 Page of 30 2
deduction as claimed by the appellant u/s 80IB[10] of the I.T. Act 1961 be allowed to the appellant.
3. In the facts and circumstances of the case and law, it may please be held that on the principle of delegated authority, an architect is the proper authority as per the Development Control rules as applicable to Pune vide Rule 7.7 read with the provisions of The Bombay Provincial Municipal Corporation Act 1949 and therefore the Completion Certificate issued by an architect acquires the status of Completion Certificate issued by local authority and consequently the deduction u/s 80IB[10] of the I.T. Act 1961 as claimed by the appellant may please be allowed.S
4. In the facts and circumstances of the case and in law, the learned C.I.T.[A] has erred in holding that issuance of Occupancy Certificate by the authorities of Pune Municipal Corporation is relevant for deciding the fulfillment of conditions of Section 80IB[1] of the I.T. Act 1961. The aforesaid finding/conclusion being patently illegal, bad in law and void ab initio, arbitrary, perverse and devoid of merits the same may please be vacated.
5. It may please be held that since the PMC authorities have failed to communicate any objections to the appellant regarding his application filed on 28/10/2005 for grant of Occupancy certificate, within the statutory period of 21 days, the Occupancy Certificate is statutorily deemed to have been granted to the appellant for the Housing Project namely Pinnac Dhavalgiri Pune at S.No.13/1/7+13/1/14 at P ashan Pune and consequently the appellant is entitled for deduction u/s 80IB[10] in respect of the Profits of the said housing Project. All the observations / conclusions / findings of the learned C.I.T.[A] in this regarding being patently illegal, arbitrary, perverse and devoid of merits the same may please be vacated.
6. It may please be held that since the entire project was complete in all respects, before 31/03/2008, the appellant is entitled for deduction u/s 80IB[10] of the I.T. Act 1961, in respect of the Profits of the said project as the condition of obtaining Completion certificate from the local authority is of a directory nature and in any case the provisions of Section 80IB[10] of the I.T.
Act 1961 being of benevolent nature the same are to be liberally interpreted in view of the fact that there is a substantial compliance of the provisions as the project was completed in every respect before 31/03/2008 and the ultimate Purchasers were enjoying their respective flats as owners.
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ITA No. 713 & 714/PN/2010 M/s. Satish Bora and Associates
A.Ys.2004-05 &2005-06 Page of 30 3
7. The appellant craves the permission to add, amend, modify, alter, revise, substitute, delete any or all grounds of appeal, if deemed necessary at the time of hearing of the appeal.”
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