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payments/premium etc which tantamount to sale of land in the guise of long term lease. The assessee has obtained requisite approvals from the BOA in most transparent manner by disclosing not only development consideration but also the basis for determining the same. The entire controversy as to whether transfer of bare shell buildings to the co-developer was an authorized operation has been set at rest by further clarifications dated 18/1/2011 and 20/1/2011 issued by the Ministry of Commerce. The BOA, being the statutory authority under the SEZ Act, has granted various approvals by a statutory process of law after duly considering and examining all the facts and documents on record in accordance with relevant provisions of SEZ Act and SEZ Rules. Thus, the consequential benefits that is available to a developer under the Income Tax Act cannot be denied. The AO does not have any jurisdiction to question the validity or the legality of authorized operations which have been approved by the BOA/Central Government. Section 27 of SEZ Act provides for modification of Income Tax Act to the extent of second schedule of SEZ Act which reads as under:-
"27. The provisions of the Income Tax Act, 1961, as in force for the time being, shall apply to, or in relation to, the Developer or entrepreneur for carrying on the authorized operations in a Special Economic Zone or Unit subject to the modifications specified in the Second Schedule."

37. The second schedule of SEZ Act contends bare text of certain provision including Section 80IAB to be incorporated in the Income Tax Act present to the Section 80IAB (having the same in as mentioned in SEZ Act) has been broadly incorporated into the Income Tax Act. Section 51 of SEZ Act having an over riding effect over any other law, reads as under:-

"51.( 1) The provisions of this Act shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or in any instrument having effect by virtue of any law other than this Act."

38. Thus, it is clear from the above that the provisions of SEZ Act shall have over riding effect even if anything inconsistent is contained in the Income Tax Act. The SEZ Act has been enacted containing the specific legislation to be brought in other statutes. When the terms like SEZ, authorized operations, developers etc have been specifically defined under the SEZ Act, it is not open to any authority to relook at the meaning of terms already defined under the SEZ Act. In this regard, we also find support from the decision of the Tribunal in the ITA No 726 of 2017 Avinash Hitech City 2 Society Hyderabad.

case of assessee group itself for the A.Y 2007-08, the relevant paragraphs thereof is being reproduced hereunder:-

"page 17 para 5.3 The SEZ Act 2005, as well as, Income Tax Act, 1961 have placed 'Developer' and the 'Co-developer at the same level i.e for Development (creating infrastructure facilities), maintenance and operations. It was in this context that SEZ BOA, under the aegis of Ministry of Commerce, approved conversion of 'bare shell' into 'warm shell by the Co-Developer as 'Authorized Operations' Page 21 para 5.15 Assessee received clarification from BOA/Government of India, Ministry of Commerce and Industry, Deptt of Commerce (SEZ Section), Udyog Bhawan, New Delhi dated 18/1/2011 & 20/1/2011 BOA in exercise of its statutory powers approved business model of the Assessee clarified that under Rule 11(9) 'sale of land' is not permissible in a SEZ. However Co- Developer can take land on lease from Developer for definite period. Further SEZ buildings i.e. bare shell/cold shell can be transferred and handed over to the Co-developer on payment of consideration to Developer, this transfer is permissible and authorized as per SEZ Act and Rules. The correspondence with the SEZ Authorities on this issue is placed on the P.B at Pages 122 to 130 and its contents are referred to by the ld. Counsel. Thus as per specific clarifications by BOA the transfer of bare shell building on long term lease to approved co- developer are authorized activities under SEZ Act & Rules. Thus these clarifications also dispel the findings of CIT revising the asse4ssment order and setting aside the same. 263 order and findings therein being contrary to legal provisions is liable to be quashed. The assessment order being is conformity with SEZ Act, Rules and provisions of Section 80IABcan neither be termed as erroneous or prejudicial to the interest or revenue.