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The Income Tax Appellate Tribunal allowed the assessee's claim for deduction u/s 80IA(4) of the Income Tax Act for profits derived from development of an infrastructure project. Although the assessee did not directly enter into an agreement with the government authorities, it executed the project on a sub-contract basis from the main contractor. The Tribunal held that since the main agreement allowed sub-contracting, the sub-contract agreement was akin to an agreement with the statutory authorities for developing the infrastructure facility. Therefore, the assessee satisfied the conditions for availing deduction u/s 80IA(4) as a developer of an eligible infrastructure project.
The Income Tax Appellate Tribunal allowed the assessee's claim for deduction u/s 80IA(4) of the Income Tax Act for profits derived from development of an infrastructure project. Although the assessee did not directly enter into an agreement with the government authorities, it executed the project on a sub-contract basis from the main contractor. The Tribunal held that since the main agreement allowed sub-contracting, the sub-contract agreement was akin to an agreement with the statutory authorities for developing the infrastructure facility. Therefore, the assessee satisfied the conditions for availing deduction u/s 80IA(4) as a developer of an eligible infrastructure project.
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