Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1516 - AT - Income TaxDeduction u/s 80IA - Assessee's eligible undertaking - HELD THAT:- Assessee's eligible undertaking itself was independently carrying out the complete activity i.e. from mixing, grinding till the pelletisation. The raw materials once consumed cannot be reconverted into the same position. Its utility gets changed. We find the issue raised in this appeal by the Revenue has been discussed by the Coordinate Bench of this Tribunal [2016 (11) TMI 1470 - ITAT KOLKATA] and by following principle of consistency, confirmed the order of CIT(A) in allowing deduction u/s 80IE. Ground of Revenue are dismissed Addition made on account of additional depreciation - HELD THAT:- The additional depreciation u/s 32 (1) (iia) of the I.T. Act is allowable as the plant & machinery is wholly engaged in the manufacturing of poultry & cattle feeds. Disallowance u/s 14A - assessee earned dividend income and by invoking the method of Rule 8D(2) for the purpose of calculating the disallowance u/s 14A - CIT(A) by placing reliance on the decision of the case of REI Agro Ltd. [2013 (9) TMI 156 - ITAT KOLKATA] restricted the disallowance taking into consideration the investment which yielded the dividend - HELD THAT:- Admittedly this exercise was not done before the AO and with the consent of both parties, we deem it proper to remand the matter to the file of AO for his fresh consideration to recompute the disallowance taking into consideration the investments which yielded the dividend income. Thus, Ground raised by the Revenue are allowed for statistical purposes. MAT - Addition u/s 14A relevant to book profit u/s 115JB - CIT(A) while dealing the issue in first appellate proceedings, held the disallowance/computation for section 14A r.w. Rule 8D is not applicable for the purpose of calculation of income u/s 115JB - HELD THAT:- We find force in the arguments of Ld.DR since there was no calculation in this respect by the AO in assessment proceedings, we deem it proper to remand the matter to the AO for his fresh consideration as indicated above. Thus, Ground No.7 raised by the Revenue is allowed for statistical purposes. Addition made on account of late deposit of employees contribution to PF & ESIC - HELD THAT:- AO added the impugned amount for not depositing employees contribution before the statutory due date. The CIT(A) deleted the said amount by placing reliance in the case of Alom Extrusion Ld. [2009 (11) TMI 27 - SUPREME COURT] by holding no disallowance is maintainable if the deposit is made before the due date of filing the return of income. We find the CIT(A) examined the record and found that said employees contribution was deposited before filing the return of income. Therefore, we find no infirmity in the order CIT(A), accordingly it is justified.
|