Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2012 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2012 (2) TMI 302 - AT - Income TaxValidity of Re-assessment under 147 - Held That:- The amount of deduction claimed u/s 80IB amounting toRs.78,82,237/- was required to be deducted from profits and gains of business while calculating deduction u/s 80HHC. This has resulted in excess allowance of deduction u/s 80HHC to the extent of Rs.38,59,364 therefore issue of show cause under 148 is valid. Deduction under 80HHC and 80IA - Held That:- In view of CIT V Sharon Vencers (P) Ltd.(Madras High Court), CIT vs Great Easter Exports (2010 - TMI - 202426 - DELHI HIGH COURT) and Olam Exports India Ltd. V CIT (2009 - TMI - 204204 - KERALA HIGH COURT), held that deduction u/s 80HHC has to be calculated after deduction of the relief claimed u/s 80IA. Appeal of assessee rejected.
|