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2015 (9) TMI 1723 - AT - Income TaxRevision u/s 263 - Claim of exemption u/s.80-IB(11A) for Conversion charges AND Income from mango Trade - HELD THAT:- The company is eligible for exemption u/s 801B(11a) of the IT Act for the profit on contract conversion and profit on mango purchased and Sold without physical delivery to contract conversion customers. The above activity is involved processing, preservation and packing of fruits. On perusing the letter, we find that it is not acknowledged by the Revenue for having received the letter and at the same time there is no dated mentioned in the letter. However, since the Ld.CIT has passed a cryptic order without any reasoning, we are of the considered view that the matter requires to be remitted back to the file of the Ld.CIT in order to pass a reasoned order after giving opportunity to the assessee of being heard. He shall also look into the detailed letter filed by the assessee before us which is supposed to have been filed before the Ld. CIT (A) on the earlier occasion while deciding the issue. Appeal of assessee is allowed for statistical purposes.
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