Housing project deduction continuity preserves the earlier incentive for eligible assessees under the recodified income tax framework.

Section 142 preserves the deduction earlier available under section 80-IBA for profits and gains from housing projects or rental housing projects, but only for assessees already entitled under the repealed provision and only for the remaining eligible years. The deduction follows the same computation framework as section 80-IBA, and each claiming undertaking must furnish a separate report with financial statements and prescribed project documents. The earlier regime required compliance with approval, completion, size, FAR, commercial area, separate books, and other specified conditions.

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