CMA Final · Indirect Tax Laws and Practice · Special Economic Zone Scheme
Under the SEZ Act, 2005, what is the maximum period for which the Board may suspend the letter of approval of a Developer and appoint an Administrator to manage the Special Economic Zone?
The Board may suspend a Developer's letter of approval for a period not exceeding one year. During that time it appoints an Administrator who manages the Special Economic Zone and discharges the Developer's functions as per the terms of the letter of approval.
- ASix months
- BOne yearCorrect
- CTwo years
- DThree years
Explanation
Section 10(1) permits suspension of the letter of approval for a period not exceeding one year, with an Administrator appointed to discharge the Developer's functions. Six months, two years and three years do not appear in the provision.
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