Time of Completion of Project u/s 80IB (10)
This query is : Resolved
08 May 2008
Sir,
In the section 80IB(10), 100% tax exemption is available, subject to the fullfillment of some conditions. One of these condition is that the project should be completed within four years from the end of the year in which project get approved.
My querry is that if the project is stayed by the High court for any reason whether the period of 4 years will be extended by period for which the case is pending with court.
Kindly guide me on this querry.
Thanks & Regards
In the section 80IB(10), 100% tax exemption is available, subject to the fullfillment of some conditions. One of these condition is that the project should be completed within four years from the end of the year in which project get approved.
My querry is that if the project is stayed by the High court for any reason whether the period of 4 years will be extended by period for which the case is pending with court.
Kindly guide me on this querry.
Thanks & Regards
Late CA Sampat Jain
(Expert)
09 May 2008
Wherever the time limit is to exteded due to stay by High Court this is mentioned in the section . Since no such extention is mentioned in sectin 80IB(10) , in my opinion the time limit will not be extended.
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