TMI Blog2018 (9) TMI 956X X X X Extracts X X X X X X X X Extracts X X X X ..... compliance of the terms and conditions specified therein. There is nothing to suggest that the benefits of the deduction under section 80 IA (4)(iii) of the Act are available only from the date of Notification by the CBDT. We, therefore, hold that the assessee is entitled for deduction under section 80 IA (4)(iii) of the Act for both Assessment Years 2007-08 & 2008-09; the two years under consideration - Decided in favour of assessee - ITA No.1219/Bang/2017 - - - Dated:- 10-9-2018 - Shri N.V Vasudevan, Judicial Member And Shri G Manjunatha, Accountant Member For the Appellant : Dr. P.V Pradeep Kumar, Addl. CIT For the Respondent : Shri V.K Gurunathan, Advocate ORDER PER G MANJUNATHA, ACCOUNTANT MEMBER : This appeal filed by the revenue is directed against the order of the Commissioner of Income-tax (Appeals) - 5, Bengaluru dated 15-02-2017 and it pertains to asst. year 2012-13. 2. The Revenue has raised the following grounds of appeal: From the facts, grounds and reasons set out herein above and in the interest of justice and fairness, the Appellant respectfully prays that: 1. The Appellant should be allowed the deduction of Profits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s 80IA(4)(iii) of the Income-tax Act 1961. 6. The CIT(A) after considering the relevant submission of the assessee and also by following the decision of the ITAT in assessee s own case for earlier asst. years held that since the facts are similar to the facts already considered by the ITAT for earlier years, by following the decision of the ITAT in assessee s own case for asst. year 2011-12, the deduction claimed u/s 80IA(4)(iii) of the Incometax Act, 1961 is allowed. 7. Relevant portion of the order of the CIT(A) is extracted hereunder: 6. I have considered the above grounds of appeal, statement of facts and also gone through the assessment order passed by the Assessing Officer. Respectfully following the Hon'ble ITAT vide its order dated 21/03/2014 in the appellant's own case for the AN 2007-08 2008-09 has given decision in the favour of the appellant, I have adjudicated the grounds in favour of the appellant for A.Y.2011-12 wherein it is held as follow: In this regard, we have perused the decision of the Hon'ble Gujarat High Court in the case of Creative Infocity Ltd (supra) relied upon by the assessee and find that is relevant and squarely appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... earlier years. 10. We have heard both the parties and perused the material available on record. The ITAT has considered the issue of deduction claimed u/s 80IA(4)(iii) of the Income-tax 1961 for asst. years 2010- 11 and 2011-12 in ITA No.1498 1499/Bang/2015 and by following its earlier order for asst. years 2007-08 and 2008-09 in ITA Nos.138 and 139/Bang/2013 held that the assessee was entitled to deduction u/s 80IA(4)(iii) of the Income-tax Act 1961 and relevant portion of the ITAT order is extracted below:- 5.3.1 We have heard both parties and carefully perused and considered the material on record and the judicial decisions cited. It is not in dispute that the assessee, in the case on hand, has set up a STP, (viz. industrial park) for which it has obtained the approval from the Ministry of Commerce and Industry, Govt. of India vide order dt.13.4.2006. It is seen that in order of assessment, the Assessing Officer had raised an issue regarding the non-compliance to the condition stipulated in the approval accorded regarding the number of units to be maintained in the STP. However, we find that in the remand report submitted to the learned CIT(Appeals), the Assessing Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... peals) has acknowledged that there are lease agreements evidencing the existence of three industrial units in the assessee's industrial parks (viz. STP). Further, the assessee has brought on record a certificate dt.28.5.2012 from the Joint Director, District industrial Centre, Bangalore to the effect that the assessee has been operating and maintaining the Industrial park (STP) since 30.11.2005 and that the said Industrial Park has 12 separate independent and identifiable units since inception and that none of the units individually occupy more than 50% of the built-up area. In this factual matrix, as laid out above, we have no hesitation in holding that the assessee has satisfied the conditions specified in the approval letter dt.13.4.2006, issued by the Ministry of Commerce and Industry, Govt. of India, for claiming deduction under section 80 IA(4)(iii) of the Act. 5.4.1 Regarding the question of as to whether the assessee is entitled for being allowed deduction under section 80 IA(4)(iii) of the Act for Assessment Years 2007-08 and 2008-09, the facts on record evidence that the assessee's Industrial Park / STP is operational from 30.11.2005 and that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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