ITAT Grants S. 80-IB(10) Deduction for Timely Completed Wings, Holds Remaining Wing to Be Separate Project

ITAT granted deduction under Section 80-IB for timely completed wings of a project, holding the remaining wing to be a separate project. Section 80-IB provides tax benefits for profits from certain industrial undertakings. The tribunal's decision allows the assessee to claim the deduction for the portions of the project that were completed within the stipulated timeframe, while treating the delayed portion as a distinct project for the purpose of this tax benefit. This ruling highlights the importance of adhering to project timelines to qualify for tax incentives under Section 80-IB.