ASCENDAS PANVEL FTWZ PRIVATE LIMITED,MUMBAI vs. DEPUTY COMMISSIONER OF INCOME TAX, WARD 14(1)(1), MUMBAI

ITA 711/MUM/2025Status: DisposedITAT Mumbai10 February 2026AY 2020-2122 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the definition of 'Developer' under the SEZ Act, which is incorporated into Section 80-IAB, expressly includes a 'Co-Developer'. Therefore, the assessee was eligible for the deduction.

What were the facts?

The assessee, a co-developer of an SEZ, claimed deduction under Section 80-IAB on profits from operating warehouses. The Assessing Officer disallowed this deduction, arguing the assessee was not a 'developer' eligible for the benefit.

What were the issues?

Whether a 'Co-Developer' as defined under the SEZ Act is eligible for deduction under Section 80-IAB of the Income-tax Act. Whether the interpretation of Section 80-IAB should be aligned with the SEZ Act framework.

Which sections of the Income-tax Act were involved?

Section 80-IAB,Section 2(g) SEZ Act,Section 3(12) SEZ Act

AI-generated summary — verify with the full judgment below

2 ITA No.701/Mum/2025 and others Ascendas Panvel FTWZ Private Limited confirming the disallowance of deduction claimed by the assessee under section 80-IAB of the Income-tax Act, 1961, along with consequential issues relating to TDS credit, MAT computation, MAT credit, levy of interest and initiation of penalty proceedings. Since the factual matrix, statutory interpretation, and the core controversy are common across all years, the appeals were heard together and are being disposed of by this consolidated order.

2.

The assessee, Ascendas Panvel FTWZ Private Limited, is engaged in the business of development, operation and maintenance of infrastructure facilities in a notified Special Economic Zone and Free Trade Warehousing Zone situated at Panvel, Maharashtra. The genesis of the controversy lies in the claim of deduction under section 80-IAB on profits derived from operation and maintenance of six fully operational warehouses located in the FTWZ, forming part of a sector- specific SEZ notified under the Special Economic Zones Act, 2005. 3. The SEZ in question was originally conceived and developed by Arshiya Limited, which was granted in-principle approval on 14.11.2008, formal ap

The order continues below.

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