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2019 (9) TMI 854 - AT - Income TaxExcess cash found during the course of survey action - benefit of telescoping towards income offered from Solitaire Project - HELD THAT:- AO as well as the Ld. CIT(A) had recorded categorical finding in the light of statement of Shri Kamlesh Shah, Director of the company that the assessee was having excess cash during the course of survey for which no explanation has been offered. We further noted that although the assessee claims to have taken the benefit of telescoping towards income offered from Solitaire Project, but while recording statement during the course of survey it was the case of the assessee that excess cash found during the course of survey represents unaccounted income. We, therefore are of the considered view that there is no error in the findings of fact recorded by the lower authorities and hence, we agree with the finding of the CIT(A) and reject ground taken by the assessee Entitlement for deduction 80IA(4)(iii) - withdrawal of approval granted - HELD THAT:- We find that although Ministry of Commerce and Industry, Government of India vide letter dated 24/07/2006 granted approval to the said park stating that the project is covered under the Industrial Park Scheme, 2002 and accordingly, entitled for deduction 80IA(4)(iii) but subsequently approval granted by the Empowered Committee has been withdrawn vide their letter dated 06/01/2009, on the ground that the assessee is not eligible under Industrial Park Scheme, 2002. Although the assessee has got relief from Hon’ble Bombay High Court against the order of the Empowered Committee, in respect of withdrawal of approval granted under Industrial Park Scheme, 2002 but such relief has been granted on technical grounds for not allowing reasonable opportunity being heard to the assessee. Except this, the findings of the empowered committee of Ministry of Commerce and Industry was not negated by the Hon’ble Bombay High Court in respect of eligibility for deduction u/s 80IA(4)(iii) - AO as well as the Ld. CIT(A) had categorically recorded the fact that the assessee has not fulfilled conditions prescribed u/s 80IA(4) in order to be eligible for deduction in respect of profit derived from its industrial project - Decided against assessee
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