Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
Business reorganisation requires recognition of successor's modified return; draft orders against dissolved transferor quashed and fresh review direct...
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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