SEZ-Co-Developer - exemption

[DINESH MORE]

Is SEZ-Co-Developer eligible for Income Tax exemption

[Mukesh Kumar]

Yes, co-developer in SEZ are eligible for income tax benefit. Explanation to section 80IB states that: "Explanation.—For the purposes of this section, "Developer" and "Special Economic Zone" shall have the same meanings respectively as assigned to them in clauses (g) and (za) of section 2 of the Special Economic Zones Act, 2005". Further section 2(g) of SEZ states that, "(g) “Developer” means a person who, or a State Government which, has been granted by the Central Government a letter of approval under sub-section (10) of section 3 and includes an Authority and a Co-Developer;"

AI Summary

SEZ co-developer income tax exemption recognized through statutory definition and eligibility under the income-tax framework.
Co-developers of Special Economic Zones qualify for income-tax exemption because the income-tax provision's explanation adopts the statutory meanings of "Developer" and "Special Economic Zone," and expressly includes a Co-Developer within the definition of Developer for eligibility.