Revisability of return invalidation communications under tax procedure affirmed, impugned non revisional finding quashed and matter remitted for fresh...
Transferable duty credit scrips validity and bona fide transferee entitlement to exemption upheld where scrips were subsisting at import, appeals allo...
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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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