ITAT Rules in Favor of Five Landowners in IT Park Tax Case
In 2005, five landowners and a builder signed a registered joint development agreement (JDA) granting the builder development rights and a Power of Attorney for various purposes. The builder paid the landowners a refundable, interest-free deposit of Rs 37.25 lakh. The Income Tax Appellate Tribunal (ITAT) ruled in favor of the landowners, rejecting tax dodge allegations against the IT park firm.
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