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2011 (8) TMI 486 - AT - Income TaxDeduction u/s 80IB - The revised computation of income was filed wherein the assessee himself gave effect to interest from FDR and Shivam Cotton Corpn. and proportionate interest on the funds deployed from the borrowers, resulting into the amount of Rs. 24,83,387/-u/s 80IB against Rs. 32,82,040/-, originally claimed - There is no justification either including the interest income in the profit side, as appearing in investment side or considering the interest income paid on borrowed funds in investment side in recasted profit & loss account - The assessee himself excluded the amount of Rs. 1,75,000/-, being proportionate interest of the funds invested by the proprietor out of the borrowed funds, therefore, the amount of Rs. 24,83,387/-is rightly eligible as income from industrial undertaking, consequently, find no infirmity in the impugned order directing to grant deduction @100% on this amount for deduction u/s 80IB of the Act - The same is upheld. As regards the cross-objection file by of the assessee wherein the only ground raised is that the assessment order passed u/s 143(3) and the impugned order dated 4.2.2010 are without jurisdiction and therefore bad in law - The crux of arguments on behalf of the assessee is that the TRO, framing the assessment, was not authorised to make assessment as the TRO cannot assume the jurisdiction of the Assessing Officer. - Held that:- a specific order was passed by the ld. JCIT authorising the TRO to work as Assessing Officer by virtue of powers vested in her by sec. 120(5) of the Act, therefore, these judicial pronouncements may not help the assessee, consequently, find no merit in the cross-objection of the assessee.
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