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2018 (7) TMI 1551 - AT - Income TaxAddition u/s 14A r.w.r. 8D - Held that:- Assessee has not derived any exempt income in the impugned assessment year. Hon’ble jurisdictional high court’s decision in CIT vs M/s Ashika Global Securities Ltd. [2018 (7) TMI 1425 - CALCUTTA HIGH COURT] upholds tribunal’s similar order deleting identical disallowance in absence of exempt income. Disallowance u/s 80IB - Held that:- There is no dispute that the assessee’s concerned allotments of the residential units took place upto 06.08.2008 only whereas the statutory amendment in the Act i.e. section 80IB(10) (e) and (f) came into operation from 01.04.2010 with the said amendment to be having prospective effect only. Assessee quotes hon’ble apex court’s decision in CIT vs M/s Sarkar Builders [2015 (5) TMI 555 - SUPREME COURT] settling the law about the above statutory amendment to be prospective effect. Learned Departmental Representative fails to rebut this settled legal position. We therefore uphold the CIT(A)’s findings in deleting the impugned 80IB deduction disallowance. This Revenue’s instant second substantive ground is declined Disallowing assessee’s late payment pertaining to the employees contribution to PF - Held that:- We find herein as well that the hon’ble jurisdictional high court’s decision in Vijayshree Ltd. [2011 (9) TMI 30 - CALCUTTA HIGH COURT] has settled the law holding that such payment before the due date of filing return u/s 139(1) as allowable. We accordingly reject Revenue’s instant last and substantive ground as well.
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