Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2011 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2011 (1) TMI 173 - AT - Income TaxDeduction u/s 80IA - The issue relating to computation of 80IA deduction that it has to be computed after deduction of the notional brought forward losses and depreciation of business even though they have been allowed set off against other income in earlier years has been dealt by the Special Bench in the case of ACIT Vs. Gold Mine Shares & Finance (P) Ltd. (Ahemadabad) and decide the issue against the assessee relating to allowability of deduction u/s 80IA that in terms of provisions of u/s 80IA(5) of the IT Act, the profit from the eligible business for the purpose of determination of the quantum of deduction u/s 80IA of the Act has to be computed after deduction of the notional brought forward losses and depreciation of eligible business even though they have been allowed set off against other income in earlier years Under section 263 - The word ‘erroneous’ in section 263 includes failure to make such an enquiry by the assessing officer - The failure of the assessing officer to make an enquiry with regard to the claim of the assessee and to record such a reason, why he is taking particular view, makes the assessment order erroneous and prejudicial to the interest of the revenue - The opinion that there is no merit in the arguments of the assessee’s counsel against observation made by CIT in his order u/s 263 - The appeals of the assessees are dismissed
|