https://www.taxtmi.com/caselaws?id=313030 The ITAT Chennai held that an assessee company qualified as a developer rather than merely a contractor for Section 80IA deduction purposes. The tribunal found that the company undertook complete responsibility from conceptualization to commissioning of infrastructure facilities, including design, technical planning, technology selection, and execution through skilled engineers. The company demonstrated substantial investment through receivables, margin money, and bank guarantees from assessment years 2003-04 to 2007-08, satisfying Section 80IA(4) conditions. Additionally, the tribunal ruled that foreign exchange losses on outstanding import liabilities were allowable under Section 37(1) as revenue expenditure. The revenue's appeal was dismissed. en-us Wed, 25 Jan 2017 00:00:00 +0530 Wed, 20 Mar 2024 13:57:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313030 The ITAT Chennai held that an assessee company qualified as a developer rather than merely a contractor for Section 80IA deduction purposes. The tribunal found that the company undertook complete responsibility from conceptualization to commissioning of infrastructure facilities, including design, technical planning, technology selection, and execution through skilled engineers. The company demonstrated substantial investment through receivables, margin money, and bank guarantees from assessment years 2003-04 to 2007-08, satisfying Section 80IA(4) conditions. Additionally, the tribunal ruled that foreign exchange losses on outstanding import liabilities were allowable under Section 37(1) as revenue expenditure. The revenue's appeal was dismissed. Case-Laws Income Tax Wed, 25 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313030