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2013 (7) TMI 172 - HC - Income TaxExemption u/s 80-IA - Nature of the contract - construction of permanent bank protection measures to the Udyog Mandal canal and the Champakara canal and maintaining the same for a period of three years - Held that:- terms of the contract and nature of the work executed by the assessee is a works' contract - It is not a case where the assessee has made any investment in an infrastructure project. The authority owning the infrastructure project has entered into a contract with the assessee for repair and maintenance for a period of three years. In fact the terms of the agreement shows that the assessee has to furnish the bank guarantee and the assessee has been paid mobilization advance and, therefore, it is not a case of the assessee investing its money in development of infrastructure or operating and maintaining an infrastructure, which is already developed or developing and maintaining of any infrastructure development. It is an agreement entered into effect repairs to infrastructure by construction of permanent bank protection measures to the Udyog Mandal canal and the Champakara canal and maintaining the same for a period of three years - Decided in favour of revenue.
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