Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2018 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 219 - HC - Income TaxDeduction u/s 80-IB - no profit was earned by the assessee from its trading and manufacturing activity and the net profit was derived from other sources - Whether the Tribunal was justified in passing the order without even considering the contentions of the Revenue and without discussing the reasons assigned by the Assessing Officer? - Held that:- The Tribunal came to the conclusion that the figures as assigned by the Assessing Officer at ₹ 3,50,17,424/- is to be accepted. This is sought to be supported by the assessee by relying on the order of the Assessing Officer, who himself came to the conclusion that profit at Pondicherry would be ₹ 3,50,17,424/-. Therefore, the entire income was confused as profit earned at Pondicherry Unit. Keeping the contentions in mind, we are of the view that the Tribunal should have considered the contentions as advanced before it. Tribunal being an appellate forum did not appropriately consider the reasons assigned by the AO. Non-consideration of all the contentions and without any discussion would render the order of the Tribunal to be interfered with. Therefore, it is only just and necessary that the impugned order of the Tribunal be set-aside, by remanding the matter to the Tribunal for a fresh consideration in accordance with law. Substantial question of law is answered by holding that the Tribunal was not justified in passing the order without considering the contentions advanced by the Revenue and without discussing the reasons as assigned by the AO. Therefore, the order of Tribunal is set-aside and the matter is remanded to the Tribunal for a fresh consideration.
|