10 September 2020
Sir My client is a builder and constructed residential apartment of 120 flats. On dt:10.10.2018 occupation certificate has taken and after that date 80 flats registrations done and prior to OC 40 flats registrations done. Now the department is telling that the assessee has to restrict their ITC in proportion to the flats registered before OC i.e. 33% of the ITC shall be utilised and the remaining shall be disallowed. Please enlighten on this issue.
CAclubindia
