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2016 (11) TMI 1596 - AT - Income TaxDisallowance u/s 10A - splitting up or reconstruction of the existing unit - Held that:- For the assessment year 2007-08 the CIT(A) has examined the Business Transfer Agreement and found that there was no case of splitting up or reconstruction of the existing unit and allowed the claim of the assessee u/s 10A of the Act. However, both the CIT(A) and the Assessing Officer have not considered the CBDT Circular No.1 of 2013 while deciding the issue. Therefore, we set aside the orders of the lower authorities for both the assessment years under consideration and remit the matter back to the Assessing Officer to examine the case in the light of CBDT Circular No.1 of 2013 and decide on merits after giving due opportunity to the assessee. - Appeals of the Revenue are allowed for statistical purposes.
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