https://www.taxtmi.com/caselaws?id=442752 The Tribunal upheld the denial of deduction under section 80IAB of the Income-tax Act for income from the sale of food and beverages by a SEZ developer primarily engaged in property development. The claim for deduction was rejected as the authorized activities did not cover the income source. Additionally, the Tribunal directed the Assessing Officer to recompute the deduction, reducing the disputed amount from the eligible profit. Regarding the deduction for interest expenses, the Tribunal ruled in favor of the assessee, clarifying that interest expenses cannot be considered as income under section 68 of the Act and directing the reduction of the interest expense amount from the eligible profit for reevaluation. en-us Thu, 20 Jul 2023 00:00:00 +0530 Sat, 09 Sep 2023 09:37:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=442752 The Tribunal upheld the denial of deduction under section 80IAB of the Income-tax Act for income from the sale of food and beverages by a SEZ developer primarily engaged in property development. The claim for deduction was rejected as the authorized activities did not cover the income source. Additionally, the Tribunal directed the Assessing Officer to recompute the deduction, reducing the disputed amount from the eligible profit. Regarding the deduction for interest expenses, the Tribunal ruled in favor of the assessee, clarifying that interest expenses cannot be considered as income under section 68 of the Act and directing the reduction of the interest expense amount from the eligible profit for reevaluation. Case-Laws Income Tax Thu, 20 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=442752