Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (12) TMI 1557 - HC - Income TaxValidity of reopening of assessment - assessee while claiming the deduction u/s 80IA did not submit separate Profit & Loss Account and balance sheet of the undertaking, therefore,AO ought not to have allowed deduction - Held that:- Division Bench of this Court in the case of Sabarkantha District Co-operative Milk Producers Union Ltd. (2014 (6) TMI 977 - GUJARAT HIGH COURT)has held that deduction under Section 80IA Income Tax Act cannot be denied solely on the ground that separate Profit & Loss Account and balance sheet are not produced, if otherwise the petitioner – assessee is entitled to deduction under Section 80IA of the Income Tax Act. In that view of the matter on the very ground /reasons, but with respect to another assessment year now it is not open for the Assessing Officer to reopen the assessment for the Assessment Year 2010-11 on the ground that the petitioner – assessee did not submit separate Profit & Loss Account and the balance sheet while claiming deduction under Section 80IA of the Income Tax Act. The Assessing Officer was not justified in allowing the deduction under Section 80IA of the Income Tax Act to the extent of ₹ 45,54,649/- The aforesaid issue is now concluded by the Division Bench of this Court, and therefore, on the aforesaid ground /reasons, the Assessing Officer is not justified in reopening the assessment for the Assessment Year 2010-11 that too beyond four years. - Decided in favour of assessee
|