https://www.taxtmi.com/caselaws?id=448825 ITAT Ahmedabad held that assessee was eligible for deduction under Section 80-IA(4) for development work contract with Airports Authority of India (AAI). The tribunal ruled that AAI, being a statutory body constituted under the Airports Authority of India Act, 1994, qualifies as an eligible contracting authority under Section 80-IA(4). The assessee was deemed a "developer" rather than works contractor as it undertook construction of new domestic arrival block at international airport, assuming financial and entrepreneurial risks including bank guarantees, material procurement, and architectural design preparation. The CIT(A)'s decision allowing the deduction was confirmed and assessee's appeal was allowed. en-us Mon, 29 Jan 2024 00:00:00 +0530 Wed, 31 Jan 2024 08:26:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=448825 ITAT Ahmedabad held that assessee was eligible for deduction under Section 80-IA(4) for development work contract with Airports Authority of India (AAI). The tribunal ruled that AAI, being a statutory body constituted under the Airports Authority of India Act, 1994, qualifies as an eligible contracting authority under Section 80-IA(4). The assessee was deemed a "developer" rather than works contractor as it undertook construction of new domestic arrival block at international airport, assuming financial and entrepreneurial risks including bank guarantees, material procurement, and architectural design preparation. The CIT(A)'s decision allowing the deduction was confirmed and assessee's appeal was allowed. Case-Laws Income Tax Mon, 29 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=448825