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2020 (12) TMI 871 - AT - Income TaxDeduction u/s 80IA - Profit from business of operating and maintaining an infrastructure facility for supply of drinking water - HELD THAT:- As decided in own case [2017 (12) TMI 567 - ITAT AHMEDABAD] initial assessment year is A.Y. 2005-06 and after thorough examination, the claim of deduction was allowed by the Department. In our understanding of the law without disturbing the claim of the initial assessment year, a similar claim cannot be denied in the subsequent assessment years. Thus we direct the A.O. to allow the claim of deduction u/s. 80IA of the Act. See Katira Construction Ltd. case [2013 (3) TMI 416 - GUJARAT HIGH COURT]. Disallowance u/s 14A - Addition of dividend income - HELD THAT:- As we can see, assessee has dividend income of ₹ 9,500/- and it is well settled law that no addition can be made more than dividend income. At it is held in the matter of CIT vs. Vision Finstock Ltd.[2017 (7) TMI 1277 - GUJARAT HIGH COURT] wherein Jurisdictional High Court has held that disallowance cannot be made more than dividend income - Decided in favour of assessee.
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