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2022 (9) TMI 820 - Income Tax
Deduction u/s.80IA(4)(ii) - eligible for deduction u/s 80IA(4)(iii) on the project namely ‘Salarpuria Touchstone’ - HELD THAT:- As examination of facts and law that the assessee is eligible for deduction in respect of project namely “Salarpuria Softzone” in the light of the decision of the Hon’ble Gujarat High Court n the case of Creative Infocity Ltd. [2012 (4) TMI 117 - GUJARAT HIGH COURT] and also case of erstwhile “Salarpuria Softzone” [2016 (2) TMI 1293 - ITAT KOLKATA]
Assessee is not eligible to claim deduction u/s 80IA(4)(iii) in respect of his project namely “Salarpuria Touchstone” for want of notification/approval by the Government. Therefore, the order of the PCIT is modified by directing the Assessing Officer to withdraw/disallow the deduction in respect of Salapuria Touchstone project only.
If at a later stage, Government approves/notifies the said project then the assessee will be entitled to move on an application to the AO to allow the deduction and the AO will examine whether such an approval is applicable to the said project and if so found eligible, the Assessing Officer will accordingly allow the deduction modifying the assessment order. In respect of the other project i.e. “Salarpuria softzone”, it is held that the assessee is eligible for deduction on the said project. Appeal of the assessee is treated as partly