Agreement recognition under tax exemption: permission letter from commerce department qualifies as agreement enabling developers to claim income-tax exemption. Permission letters issued by the Department of Commerce to developers for setting up Special Economic Zones are treated as an Agreement for purposes of ... Summary
Agreement recognition under tax exemption: permission letter from commerce department qualifies as agreement enabling developers to claim income-tax exemption.
Permission letters issued by the Department of Commerce to developers for setting up Special Economic Zones are treated as an Agreement for purposes of claiming the tax exemption available under section 80-IA of the Income-tax Act read with rule 18C(2) of the Income-tax Rules, thereby serving as the operative instrument to satisfy the documentary requirement for the income-tax concession.
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