Dismissing the appeal of the Revenue the Court held that the Tribunal was correct in holding that the assessee was entitled to deduction under section 80-IA(4)(iii) and that the notification issued by the Central Board of Direct Taxes was only a formality once the approval was granted by the Government. For the AY. 2008-09 in the assessee’s own case the Tribunal had called for a remand report by the Commissioner (Appeals) and recorded a finding that the assessee had not leased out more than 50 per cent. of the total area in favour of any one of the lessees. (AY.2014-15)
PCIT v. Prasad Technology Park Pvt. Ltd. (2023) 450 ITR 564 (Karn.)(HC)
S. 80IA : Industrial undertakings-Infrastructure development-Construction of technology park-Leasing of industrial units-notification to be issued by central board of direct taxes is only a formality once approval is granted by government-Order of Tribunal deleting disallowance was affirmed.[S.80(IA)(4))(iii)]