Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1762 - AT - Income TaxDeduction u/s 80IAB - case of the Revenue that the assessee does not qualify for exemption u/s 80IAB as it is not doing any business activity, but is simply letting out the property - provisions of SEZ Act over riding effect over Income Tax Act - HELD THAT:- Assessee is a developer under the SEZ Act and is in the business of developing a SEZ, the SEZ has been notified on the first day of April 2005 under the Special Economic Zone Act 2005 ; and the profits have been derived from the business of development, operation and maintenance of SEZ. We thus fully agree with the finding of the Ld. CIT(A) that all the conditions as required to be specified under the SEZ Act/Rules are fulfilled and the assessee is approved developer for all the intent and purposes of Section 80 IAB I.T of the Act. Consequent upon approval granted by the BOA for transfer of bare shell to the co-developer, the profits arising to the assessee forms such an authorized transaction are eligible for deduction u/s 80IAB - Decided against revenue.
|