Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2013 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (1) TMI 14 - ITAT LUCKNOWComputation of income – Deduction u/s 80IB(10) - Revenue recognition - No construction activity was carried out at all during the year - CIT(A) accordingly directed the A.O. to recompute the income of the assessee – Held that:- CIT(A) is only empowered either to confirm, reduce, enhance or annul the assessment. He has no power to set aside the matter to the AO for either framing assessment de novo or to compute the income in a particular manner. As far as findings on merit are concerned, none of the parties have any objection. Therefore, CIT(A) to compute the income himself in a manner prescribed by him in his order without interfering the findings on merit. Remand back to CIT(A) Disallowance of expenditure – Section 14A read with rule 8D – Expenditure in relation to earn exempt income - Restriction of administrative expenses – Applicability of Rule 8D - Assessment year involved in the issue is 2007-08 – Held that:- Rule 8D would not be applicable in the case of the assessee as it would be applicable from assessment year 2008-09. Since the Revenue has not placed any judgment contrary to the judgment relied upon by the assessee. Therefore confirm the same. In favour of assessee
|