80IB(10) Deduction Denial for Housing Project: ITAT Restores ₹1.73 Cr Claim to AO Relying on SC...

The ITAT (Income Tax Appellate Tribunal) has restored a ₹1 crore claim to the Assessing Officer (AO) for 80IB(10) deduction denial for a housing project, relying on an SC precedent regarding the architect's completion certificate. Section 80IB(10) provides deductions for profits from housing projects. The tribunal's decision allows the AO to re-examine the claim, emphasizing that technicalities such as the format of a completion certificate should not arbitrarily deny a genuine deduction if the project substantially complies with the requirements. This provides a crucial opportunity for the assessee to prove eligibility for the tax benefit.