Assessee's SEZ development approved u/s 80IAB; capital expenditure legitimacy upheld, deduction rights affirmed.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction u/s 80IAB - development of SEZ - BOA has granted approval to the assessee. This approval has not been cancelled or suspended. It was valid. The assessee has offered a piece of land at lease rent for a period of 99 years with development charges - The receipt has been shown as income - Sister concern has already applied to the BOA Before the 31st March for approval. - It could not be doubted by referring an aspect that capital expenditure shown and capitalized under the head work-in-progress was bogus. On the basis of such an observation, deduction otherwise admissible to the assessee cannot be denied. - AT....