Revisionary jurisdiction under section 263 upheld; faceless assessments subject to revision when AO fails requisite enquiries, remitted for fresh asse...
Limited scope of processing under section 143(1): enhancement without show cause is unsustainable; remand for residency, taxation and TDS verification...
The article concludes that a co-developer approved under the SEZ Act falls within the statutory meaning of "developer" for purposes of section 80-IAB, so the deduction was wrongly disallowed. It applies harmonious construction of the Income-tax Act and SEZ Act, rejects an artificial exclusion of co-developers, and holds that the assessee cannot be compelled to produce another taxpayer's returns; departmental verification suffices to prevent duplicate claims. Incentive provisions must be construed to advance their object where statutory conditions are met. Deduction is directed to be allowed subject to arithmetical verification of quantum and eligible period.
The article concludes that a co-developer approved under the SEZ Act falls within the statutory meaning of "developer" for purposes of section 80-IAB, so the deduction was wrongly disallowed. It applies harmonious construction of the Income-tax Act and SEZ Act, rejects an artificial exclusion of co-developers, and holds that the assessee cannot be compelled to produce another taxpayer's returns; departmental verification suffices to prevent duplicate claims. Incentive provisions must be construed to advance their object where statutory conditions are met. Deduction is directed to be allowed subject to arithmetical verification of quantum and eligible period.
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