Case Law Details
Akash Infra Projects P. Ltd. Vs ITO (ITAT Ahmedabad)
Held that merely because the assessee is referred as a contractor in the agreement, it doesn’t detract the assessee from the position of being a developer, nor will deprive the assessee from claiming deduction under Section 80IA(4) of the Act.
Facts-
Appellant is a private limited company engaged in the business of Infrastructure Development and filed its ROI declaring a total income of Rs. 5,18,334/- which was processed u/s. 143(1)(a) of the Act followed by a scrutiny proceeding. The assessee claimed deduction u/s. 80IA(4)(i) of the Act of Rs. 48,19,950/- arising out of engagement in the development of roads for the year under consideration. However, such claim of the assessee was not found allowable and the assessment was completed with the addition of Rs. 48,19,650/- disallowing claim u/s 80IA(4) which was, in turn, confirmed by the First Appellate Authority.
Conclusion-
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