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2023 (2) TMI 916 - AT - Income TaxRectification of mistake u/s 154 - period of limitation - claim of deduction u/s.80IA of the Act was denied to the assessee by applying the provisions of Section 80IA(12A) - HELD THAT:- The subject matter of first rectification proceedings was granting further credit of TDS and rectification of excess interest charged u/s.234C and the subject matter of impugned section 154 proceedings dated 27/03/2018 was denial of deduction u/s.80IA of the Act. No hesitation to hold that the second rectification order passed u/s.154 of the Act dated 27/03/2018 wherein the claim of deduction u/s.80IA of the Act was denied to the assessee by applying the provisions of Section 80IA(12A) of the Act, is clearly barred by limitation. Accordingly, the issue framed hereinabove in question ‘a’ above is decided in favour of the assessee. Even on merits, AR placed on record the copy of decision of Ultratech Cement Ltd. [2022 (1) TMI 923 - ITAT MUMBAI] wherein this Tribunal had passed an elaborate order after due consideration of provisions of Section 80IA(12A) of the Act and granted deduction u/s.80IA of the Act to the successor company. For the sake of brevity, the elaborate observations made by this Tribunal on merits is not reproduced hereunder. Hence, even on merits, the assessee is entitled for deduction u/s.80IA of the Act in the facts and circumstances of the instant case. Accordingly, the ground Nos. 1-4 raised by the assessee are allowed. TDS credit - This issue requires factual verification by the ld. AO. Hence, the ld. AO is hereby directed to decide the issue in accordance with law.
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