Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2016 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (2) TMI 1266 - ITAT AMRITSARAdditions u/s 40(a)(ia) - assessee is entitled to deduction u/s 80IB of the Act and that no tax can be imposed on these additions - HELD THAT:- In “Sun Pharmaceuticals” (2013 (9) TMI 598 - ITAT, AMRITSAR), however, consequential higher deduction u/s 80IB of the Act on account of disallowance u/s 40(a)(ia) of the Act has been allowed, holding, inter-alia, that addition of income u/s 40(a)(ia) results into increase in the income of the assessee, which income would be profit derived from the industrial undertaking. The provision contained under section 80IB for computation of income was found to contain a mandate that where any deduction is required to be made or allowed under any law, included in this Chapter under the heading, “C.- deductions in respect of certain income” in respect of any income of the nature specified in that section, which is included in the gross income of the assessee, then, notwithstanding anything contained in that section, for the purpose of computing deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this Act ( before making any deduction under this Chapter) shall alone to be deemed to the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income. The decision of the Tribunal in the case of “Sun Pharmaceuticals” (supra), as noted, was followed by the Tribunal in the assessee’s own case for the AY 2008-09. The facts in the present case of the assessee for the AY 2008-09 have not been shown to be any different from those present in the assessee’s case for the year under consideration, i.e., 2009-10. Moreover, the order of the Tribunal in the assessee’s case for the AY 2008-09 has also not shown to have been accepted on appeal. It has also not been shown to have even been stayed. - Appeal of the assessee is allowed.
|