Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (1) TMI 987 - AT - Income TaxAssessment u/s 153A - Deduction u/s 80IB denied - Held that:- It is an admitted fact that no incriminating materials were found during the course of search by the revenue in order to disturb the claim of deduction u/s 80IB of the Act which is given by way of a categorical finding by the Learned CIT(A) in his appellate order and which is also not controverted by the revenue before us. In the instant case, no incriminating materials are found relating to Asst Years 2003-04 and 2004-05 and hence the action of the Learned AO in disturbing the claim of deduction u/s 80IB of the Act cannot be appreciated. Denial of deduction u/s 80IB of the Act in the assessments framed u/s 153A of the Act for the Asst Years 2003-04 and 2004-05 without any incriminating materials found during the course of search with respect to those assessment years is not warranted and held as not in accordance with law. Accordingly, the grounds raised by the revenue in this regard for the assessment years 2003-04 and 2004-05 are dismissed. - Decided in favour of assessee. Also no disallowance u/s 14A of the Act could be made for the Asst Year 2004-05 by the Learned AO in the assessment framed u/s 153A of the Act in the absence of any incriminating materials found during the course of search with regard to the relevant assessment year and with regard to the relevant issue.- Decided in favour of assessee.
|