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2021 (3) TMI 256 - AT - Income TaxRevision u/s 263 - claim of deduction u/s 80(P)(2)(d) - HELD THAT:- The matter is covered in favour of the assessee in its own case for AY 2014-15 by the decision of the Coordinate Bench [2019 (11) TMI 690 - ITAT JAIPUR] wherein the Tribunal has allowed the appeal of the assessee on the issue of claim u/s 80P(2)(d) of the Act. The fact that the decision of the Tribunal has not been accepted by the Revenue and further appeal has been preferred before the Hon’ble Rajasthan High Court cannot be a basis to hold that the order so passed by the AO allowing such deduction is erroneous in so far as prejudicial to the interest of Revenue and therefore, the findings of the ld Pr.CIT to this extent are set-aside. Claim of various provisions, the assessee has submitted that these relates to liabilities which have crystallized during the year though the payment have been made in the subsequent financial year and thus are allowable business expense. The assessee has also furnished a chart with remarks showing analysis of specific provisions for outstanding liability as on 31.03.2012 and date of subsequent payment. The reason why the same was not found acceptable to ld Pr CIT was that due to non-availability of proper ledgers and other requisite details on assessment record, the same cannot be verified and even the AO has not verified the issue whether the business liabilities regarding these provisions were actually raised and ascertained during the year under consideration or not. There is nothing on record that these details have been called for and examined by the AO during the assessment proceedings and are available on record as so contended by the ld AR and in absence of such examination and relevant material on record, the assessment order passed by the AO is rightly considered as erroneous in so far as it is prejudicial to the interest of the Revenue and the findings of the ld PCIT are upheld in this regard. Provision of bonus - Assessee has submitted that the same has already been considered disallowed in its computation of income in terms of section 43B of the Act and which has been accepted by the AO while completing the assessment proceedings. We have gone through the computation of income available and find the contention so advanced by the assessee as correct as an amount of ₹ 13,00,000/- towards bonus has been suo-moto disallowed by the assessee while computing its income under the head “business income”. Therefore, the order so passed by the AO accepting the suo-moto disallowance of such provision for bonus cannot by any stretch of imagination be held to be erroneous and prejudicial in nature and hence, the findings of the ld CIT to this extent are set-aside. The order so passed by the ld Pr.CIT is hereby modified to exclude the examination of matter relating to claim of deduction u/s 80(P)(2)(d) and provision of bonus and is sustained to the extent of examination of allowability of various provisions as per law after providing reasonable opportunity to the assessee. Appeal of the assessee is partly allowed.
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