https://www.taxtmi.com/caselaws?id=447287 ITAT Ahmedabad held that a public limited company engaged in infrastructure development projects including irrigation canals, roads, and water sewerage systems was entitled to deduction under section 80IA(4) as a developer rather than mere contractor. The AO had disallowed the claim arguing the assessee worked as contractor receiving payments from government authorities. CIT(A) allowed the deduction following precedent orders for the same assessee. ITAT upheld this decision, ruling that denying benefits based on literal interpretation of "developer" would defeat the statutory objective. The tribunal also confirmed that additional income of Rs.18 crores disclosed during survey proceedings due to unverifiable expenses would enhance business income eligible for section 80IA deduction on qualifying projects. Revenue's appeal dismissed. en-us Thu, 30 Nov 2023 00:00:00 +0530 Fri, 22 Dec 2023 09:42:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447287 ITAT Ahmedabad held that a public limited company engaged in infrastructure development projects including irrigation canals, roads, and water sewerage systems was entitled to deduction under section 80IA(4) as a developer rather than mere contractor. The AO had disallowed the claim arguing the assessee worked as contractor receiving payments from government authorities. CIT(A) allowed the deduction following precedent orders for the same assessee. ITAT upheld this decision, ruling that denying benefits based on literal interpretation of "developer" would defeat the statutory objective. The tribunal also confirmed that additional income of Rs.18 crores disclosed during survey proceedings due to unverifiable expenses would enhance business income eligible for section 80IA deduction on qualifying projects. Revenue's appeal dismissed. Case-Laws Income Tax Thu, 30 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447287