Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (8) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (8) TMI 1183 - ITAT RAJKOTDisallowance made towards 80IA(4) - income derived from the industrial undertaking of container freight station at JNPT - Held that:- CIT(A) has followed the judgments of the Hon’ble Delhi High Court in the case of Container Corporation of India Vs. ACIT [2012 (5) TMI 260 - DELHI HIGH COURT ] that appellant was entitled for deduction. We noted that though in the assessment Assessing Officer has disallowed all the deduction but Ld. CIT(A) has given relief to the assessee. In the rejoinder, Ld. AR assessee submitted that interest income was already been reduced at the time of calculation of claim u/s 80IA(4) of the Act and Ld. DR also conceded the same. Rental income eligibility for deduction u/s 80IA(4) - Held that:- Assessing Officer has given deduction to the assessee u/s 80IA(4) of the Act. The only dispute regarding the quantum and that too whether the rental income is deductible u/s 80IA(4) of the Act income derived from the Port or Not. We have carefully considered the rival submissions and, perused the material on record along with the orders of the tax authorities below. We find no infirmity in the order passed by CIT(A) except the rental income, therefore, we sent back this matter to the Assessing Officer who will decide after examining the documents etc. whether the rental income can be deducted u/s 80IA(4) or not. We also direct the Assessing Officer to give proper notice and sufficient time to the assessee and assessee will cooperate the Assessing Officer for adjudication of the matter.
|