Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (10) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (10) TMI 2027 - AT - Income TaxRevision u/s 263 - whether or not the assessee is eligible for deduction u/s 80-IB - Held that:- In the present case on hand, the revenue did not brought on record any evidence in support of its claim that the assessee did not commence its production during the financial year 2003-04, despite the fact that the assessee has furnished a copy of registration certificate issued by the Directorate of Industry and Commerce indicating the date of commencement of production, i.e. on 19-3-2004. Simply the CIT alleged that it would not be possible for assessee to organise materials and produce goods within a period of 11 days by bringing hypothetical and probability theory to the case without any material evidence. The profit & loss account filed by the assessee shows that it has made sales during the financial year. It is an undisputed fact that the assessee claims depreciation on plant & machinery which was accepted by the A.O. and affirmed by the CIT. It is also an admitted fact that Department has accepted the claim of deduction u/s 80-IB of the Act for all the years starting from the A.Y. 2004-05 to 2006-07. Once the revenue accepted the deduction in earlier years, it cannot be questioned in subsequent years unless there is a change of facts in the subsequent years. Admittedly, in the present case, there is no change in the facts which are existed in the A.Y. 2004-05 to A.Y. 2006-07. A.O. has rightly allowed deduction u/s 80-IB of the Act after proper enquiry and his order does not warrant any interference by the CIT. The CIT assumes jurisdiction and revised the assessment order u/s 263 of the Act without pointing out any mistakes in the A.O’s order with a different opinion, which itself is not a ground for assuming jurisdiction u/s 263 of the Act. Therefore, we quash the CIT’s order u/s 263 and restore the assessment order passed by the assessing officer. - Decided in favour of assessee.
|