Transaction value and connected person treatment in excise valuation: proprietary concerns not inter connected undertakings, relief on valuation and c...
Appointment of Registrars as adjudicating officers under Companies Act reallocates territorial jurisdiction and sets appeal route to Regional Director...
Composite supply of drilling services and site specific chemicals characterised as composite supply; prior advance rulings set aside, tax rate left op...
Cross country pipeline classification and ITC entitlement: pipelines outside factory treated as immovable, ITC disallowed under Section 17 restriction...
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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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