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2020 (12) TMI 439 - AT - Income TaxBook profit computation u/s. 115JB for capital receipt inform of interest subsidy - additional ground of appeal - HELD THAT:- Additional ground of appeal on the issue to reduce the book profit computed u/s. 115JB by capital receipt inform of interest subsidy is admitted. After considering the finding of the judicial pronouncement on this issue, the assessing officer is directed to treat the aforesaid amount of subsidy as capital receipt under Technology Upgradation Fund Scheme for Textile and Jute Industries. Since the additional ground of appeal of the assessee is allowed therefore, there is no need to consider the other grounds of appeal filed by the assessee on merit. Therefore such ground of appeal 1 to 1.3 can dismiss. Deduction for education cess as allowable expenditure u/s. 40(a)(ii) - HELD THAT:- As noticed that the claim of the assessee regarding deduction for education cess and her education cess as allowable expenditure u/s. 40(a)(i) of the Act 1961 has not been discussed in the order of assessing officer and Ld. CIT(A). After considering the judicial pronouncement referred by the Ld. Counsel in the case of Hon'ble Bombay High Court in the case of Sesa Goa Ltd. [2020 (3) TMI 347 - BOMBAY HIGH COURT]. And Circular of the CBDT Circular No. 91/58/66-ITJ(19) DT. 18th May, 1967. This issue is restored to the file of the Assessing Officer for deciding afresh after considering the direction laid down in the above referred judicial pronouncement and Circular of the CBDT. Therefore, this ground of appeal of the assessee is allowed for statistical purposes.
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