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2013 (9) TMI 555 - AT - Income TaxDisallowance u/s 14A - Disallowance of 10% of dividend income - Held that:- Even prior to assessment year 2008-09, when rule 8D was not applicable, the Assessing Officer had to enforce the provisions of sub-section (1) of section 14A. - The Assessing Officer can adopt a reasonable basis for effecting the apportionment. While making that determination, the Assessing Officer should provide a reasonable opportunity to the assessee of producing its accounts and relevant or germane material having a bearing on the facts and circumstances of the case - Following decision of Godrej and Boyce Manugacturing Co. Ltd., Vs. DCIT 2010 (8) TMI 77 - BOMBAY HIGH COURT) - Decided in favour of assessee. Deduction u/s 80IB - Held that:- Assessing Officer disallowed the deduction u/s.80-IB on interest income, lease rental and other income and the CIT(A) in appeal disallowed the deduction to the assessee on interest income and lease rental following his predecessor’s order for the assessment year 2001-02 in assessee’s own case and allowed deduction to the assessee on other income. The order of the CIT(A) was confirmed by the Tribunal in further appeal filed by the assessee. The assessee has therefore very fairly considered that the issue of allowing deduction u/s.80-IB on interest income and lease rentals are covered against the assessee. Therefore, the ground of appeal of the assessee is dismissed. Regarding the deduction allowed u/s.80IB on other income, we find that all the facts regarding the details of income are not available from the order of the Assessing Officer and the CI(A) and neither party before us has filed the same. Therefore, we are not in a position to adjudicate the issue completely. Therefore, in our considerate opinion, the issue needs to be adjudicated afresh by the Assessing Officer after bringing all relevant details and facts on record by passing his speaking order. We therefore, set aside the orders of the lower authorities and remand the matter back to the file fo the Assessing Officer to adjudicate the matter afresh by passing his order after allowing reasonable opportunity of hearing to the assessee - Decided against assessee.
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