Section 80IAB Deduction allowable to DLF on profit & gains from SEZ development

DLF Ltd. Vs. JCIT (ITAT Delhi) Conclusion: Deduction of Rs. 1.78 Billion in respect of profits derived on account of development considerations of bare shells would constitute profits and gains derived from business of developing any Special Economic Zone within the meaning of Section 80 IAB and was allowable to DLF Limited. Held: Assessee-company was engaged in the business of realistic development. The main issue was with regard to allowability of claim of deduction u/s.80IAB in respect of profit arising from sale of bare shell building in SEZ by assessee to M/s. DLF Pvt. Ltd. As a part of i...