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2014 (5) TMI 960 - AT - Income TaxDeduction u/s 80IAB of the Act – Income from sale of assets – construction of bare shell/ cold shell/ warm shell buildings and transfer thereof - Business income treated as capital gain – Held that:- Following DLF Info city Developers (Chennai) Ltd. Versus Asstt. Commissioner of Income-tax [2014 (5) TMI 737 - ITAT DELHI] - The issue of sale of bare shell buildings being authorized activity, it is amply clear that the SEZ Act authorized activities include construction of bare shell/cold shell/warm shell buildings and transfer thereof - There is enough material on the record to hold that the transfer of bare shell buildings to co-developers constitute authorized activity - the provisions of SEZ Act shall have over riding effect even if anything inconsistent is contained in the Income Tax Act - The SEZ Act has been enacted containing the specific legislation to be brought in other statutes - deduction u/s 80IA of the Act cannot be denied after having been granted in the first year of claim, as the restraint of Section 80 IA (3) cannot be considered for every year of claim of deduction, but can be considered only in the year of formation of the business – there was no error in the action of the CIT(A) in setting aside the disallowance of deduction u/s 80 IB of the Act - The order of the CIT(A) is upheld – Decided against Revenue.
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