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Income Tax - Highlights / Catch Notes

Home Highlights January 2021 Year 2021 This

Deduction u/s. 80IAB - developing SEZ by itself is the business ...

Income Tax

January 30, 2021

Deduction u/s. 80IAB - developing SEZ by itself is the business contemplated u/s. 80 IAB of the Act and the SEZ itself provides that the lease rental income generated in the hands of a developer engaged in setting up of the SEZ, is the profits and gains derived from the business of developing a SEZ. - AT

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  1. Whether lease rental income shall continue to be eligible for deduction under section 80-IAB? - Held Yes - AT

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  8. Sale and lease back transactions, no deduction of lease rental be allowed as sale of asset is paper transaction only – ITAT order reversed

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  10. Incomes received from leasing out of hotels - exploitation of a commercial asset - lease rental received by the assessee is to be taxed under the head "Income from business" - AT

 

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