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2010 (12) TMI 439 - AT - Income TaxDeduction u/s 80IB - Disallowance u/s 40(a)(ia) - Condonation of delay - it had filed a Memorandum of Cross Objection on 4.8.2010 wherein it was mentioned the date of notice of the appeal filed by the Revenue got served on it on 5.7.2010 and, accordingly, it was under a bona fide belief that the Cross Objection was filed within 30 days - Delay is condoned Regarding deduction u/s 80IB - Tribunal in the assessee's own case for the AY 2003-04 cited supra wherein in an identical issue the matter was remitted back on the file of the AO with a direction (at the cost of repetition) "In case the assessee is able to demonstrate that interest bearing loans were used for making deposits, then such interest will be reduced from the interest received from bank deposits for the purpose of computing deduction u/s 80B - Decided in the favour of assessee by way of remand Regarding addition u/s 40(a)(ia) - the assessment was concluded prior to the amendment of the provisions of s.40(a)(ia) of the Act and on the basis of existing provisions, the AO had resorted to disallow the said claim - Decided in the favour of assessee by way of remand
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