Case Law Details
ACIT Vs. Zydus Intrastructure Pvt. Ltd. (ITAT Ahmedabad)
From going through the proviso (2) of section 80IAB of the Act, which says that if the work of operation and maintenance of SEZ is transferred from one developer to another then the deduction allowable in sub-section (1) of section 80IAB will be allowed to transferee developer for the remaining period of the remaining of consecutive 10 years. This proviso gives a very clear picture that when the transferee is eligible for deduction under section 80IAB for the income from operation and maintenance of SEZ then certainly transferor i.e. developer is eligible for deduction under section 80IAB from operation and maintenance. Assessee being a developer of SEZ is eligible for deduction under section 80IAB for income earned from operation and maintenance of SEZ.
FULL TEXT OF THE ITAT ORDER IS AS FOLLOWS:-
This appeal of Revenue for assessment year 2009-10 is directed against the order of learned Commissioner (Appeals)-XIV, Ahmedabad dated 30-4-2012 in appeal No.Commissioner (Appeals) XIV/Jt.CIT, R-8, 224/2011-12 passed against order under section 143(3) of the Income Tax Act, 1961 (in short the Act) framed on 23-12-2011 by Jt. CIT, Range-8, Ahmedabad. Revenue has raised following grounds :-
1. The learned Commissioner (Appeals)-XIV, Ahmedabad has erred in law and on facts in deleting the addition of Rs. 84,841 made by the assessing officer under section41 of the Act.
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