https://www.taxtmi.com/caselaws?id=214894 The Tribunal allowed the appeal, granting the deduction under section 80-IAB for the company developing a Special Economic Zone. It held that the lease premium received for SEZ land leasing is business income, not capital gains, as the SEZ Rules prohibit land sales. The Tribunal found compliance with SEZ Act conditions and directed the Assessing Officer to reassess, considering the deduction. The treatment of project development costs and interest levy under section 234B were subject to the deduction allowance. The Tribunal dismissed the stay petition as unnecessary. en-us Tue, 12 Jun 2012 00:00:00 +0530 Wed, 01 Aug 2012 00:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=214894 The Tribunal allowed the appeal, granting the deduction under section 80-IAB for the company developing a Special Economic Zone. It held that the lease premium received for SEZ land leasing is business income, not capital gains, as the SEZ Rules prohibit land sales. The Tribunal found compliance with SEZ Act conditions and directed the Assessing Officer to reassess, considering the deduction. The treatment of project development costs and interest levy under section 234B were subject to the deduction allowance. The Tribunal dismissed the stay petition as unnecessary. Case-Laws Income Tax Tue, 12 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=214894