Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2014 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (4) TMI 735 - AT - Income TaxDeduction u/s 80-IA - non claim of Depreciation – Held that:- As decided in M/s. Time Technoplast Limited Versus Addl. Commissioner of Income Tax [2014 (1) TMI 297 - ITAT MUMBAI], the decision in Plastiblends India Limited Versus Additional Commissioner of Income-Tax [2009 (10) TMI 39 - BOMBAY HIGH COURT] followed – The quantum of deduction under section 80-IA is not dependent upon the assessee claiming or not claiming depreciation, because, under section 80-IA the quantum of deduction has to be determined by computing total income from business after deducting all deductions allowable under sections 30 to 43D of the Act - Decided against Assessee. Admission of additional ground – Applicability of section 14A while computing the book profits u/s 14A of the Act – Held that:- The CIT(A) is directed to hear the assessee and adjudicate the same after granting a reasonable opportunity of being heard to the assessee - The CIT(A) shall follow the binding judgments relevant to this matters of giving set off of the interest expenses against the interest income for the purpose of computing deduction u/s 80IB of the Act – Decided in favour of Assessee.
|