ITAT Directs Re-adjudication for Deduction u/s 80IB(10) on Combined Residential & Commercial Project

Gajanana Developers Vs ITO (ITAT Pune) Introduction: The case of Gajanana Developers vs. ITO is centered on an appeal that arises from an order issued by the National Faceless Appeal Centre (NFAC), Delhi, dated 25th March 2023, for the assessment year 2009-10. The central issue pertains to the disallowance of a deduction claimed under Section 80IB(10) of the Income Tax Act, 1961. Detailed Analysis: The appellant, Gajanana Developers, had claimed a deduction of Rs. 18,23,653 under Section 80IB(10) of the Income Tax Act, 1961. This deduction is aimed at encouraging the development of housing pro...