ITAT Mumbai Allows S. 80IB(10) Deduction for SRA Project Approved Before April 2004

Bhavya Construction Co. Vs ACIT (ITAT Mumbai) The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled in favor of Bhavya Construction Co., allowing their claim for deduction under Section 80IB(10) of the Income-tax Act, 1961, for profits derived from a Slum Rehabilitation Authority (SRA) housing project. The ITAT held that the deduction is permissible even if the project approval was granted before April 1, 2004, and the commencement certificate was issued after that date. This decision came in response to appeals for Assessment Years 2006-07 and 2007-08, marking the third round...