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2014 (2) TMI 946 - AT - Income TaxEligibility for deduction u/s. 80IA - Transfer of ongoing business - Treatment of income derived Held that:- M/s. Meenakshi Infrastructure Pvt. Ltd., was duly approved by the Ministry of Commerce, Govt. of India as an industrial park in terms of Industrial Park Scheme, 2002 notified by the Department of Industrial Policy & Promotion, Ministry of Commerce and that assessee is entitled for deduction u/s. 80IA(4)(iii) of the Income-tax Act, 1961 - M/s. Meenakshi Infrastructure Pvt. Ltd., has transferred the operation and maintenance of industrial park the transfer was duly noted by the Department of Industrial Policy & Promotion and intimated to both transferor and transferee vide Ministry's letters dated 9th August, 2006 and 3rd August, 2007 thus, the assessee is entitled for deduction u/s. 80IA(4)(iii) of the Act for the unexpired period during which the transferor enterprise would have been entitled for deduction if the transfer had not taken place but, M/s. Meenakshi Infrastructure Pvt. Ltd., cannot claim deduction u/s. 80IA(4) on the same income - There cannot be overlapping claim by each other. The AO straightaway disallowed the claim of deduction u/s. 80IA(4) and not gone into the quantification of deduction, such as whether computation is proper or not thus, the matter remitted back to the AO for fresh adjudication of computation aspect of deduction u/s 80IA(4) of the Act Decided partly in favour of Revenue.
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