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2014 (1) TMI 1226 - ITAT HYDERABADDeduction granted u/s 10A of the Act Failure to produce FIRCs Held that:- CIT(A) held that The AO had not given even one week time to the assessee to produce FIRCs and the same was produced before the CIT(A) - The claim was duly examined by the CIT(A) and found correct thus, the AO directed to grant the deduction after due verification of the FIRCs - The CIT(A) has given a categorical finding that the assessee has produced the FIRCs from the Bank to show that the funds have been brought into India in convertible foreign exchange Revenue is not able to controvert the finding of the CIT(A) order of the CIT(A) upheld Decided against Revenue. Disallowance of vehicle maintenance and general expenses Disallowance of conveyance and travelling expenses - Held that:- The assessee is a public limited company whose accounts are audited by statutory auditors and approved by its General Body and there cannot be any expenditure of personal nature - Unless and until the AO points out any specific discrepancy on the expenses incurred by the assessee, any amount on this count cannot be disallowed the order of the CIT(A) reversed Decided in favour of Assessee. Withdrawal of deduction granted u/s 10A as per section 154 of the Act - Whether the deduction granted to the assessee u/s. 10A can be be withdrawn u/s. 154 on the reason that the assessee filed return of income belatedly Held that:- Relying upon ACIT vs. Dhir Global Industries (P) Ltd [2010 (7) TMI 619 - ITAT, DELHI] An issue when it is debatable, it cannot be dealt with by the proceedings u/s. 154 of the Act - The AO in his order u/s. 154 of the Act is very much debatable and a debatable issue cannot be considered in the proceedings u/s. 154 of the Act thus, the CIT(A) is justified in annulling the order u/s. 154 of the Act Decided against Revenue.
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