COMMISSIONER INCOME TAX Vs. CHD DEVELOPERS LTD

JUDGEMENT

(1.) The substantial question of law urged in this appeal by the revenue pertains to Section 80IB (10), particularly Section 80-IB (10)(a)(ii) read with the Explanation.

(2.) It is urged that the Income Tax Appellate Tribunal (ITAT) fell into error in granting the benefit of Section 80IB (10), having regard to the fact that the project completion certification had not been issued, in the facts of this case, by the authority prescribed by Explanation (ii).

(3.) The assessment year is 2007-08. The assessee, a real estate developer, launched a project known as "Krishna Lok" in Vrindavan. It obtained the approval of the project on 16.03.2005 from the Mathura Vrindavan Development Authority. At the relevant time i.e. on 16.03.2005 when the approval was granted the provision of Section 80IB read as follows: -