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2019 (1) TMI 532 - AT - Income TaxEligibility to claim deduction u/s 80IB against Unit-III at Silvassa & Falandi Unit - Held that:- The first appellate authority has noted that Unit- III was eligible to claim the deduction u/s 80IB from AY 2003-04 onwards which was already been upheld by the Tribunal and the revenue’s appeal against the Tribunal order was also dismissed by Hon’ble Bombay High Court. The Ld. CIT(A) observed that both the aspects viz. whether the unit was engaged in carrying out manufacturing activity as well as whether the unit was formed by splitting up or reconstruction of a business were already considered in the aforesaid decisions. Regarding Falandi Unit, it was noted that the unit was located at different location and independently engaged in carrying out manufacturing activities and therefore it was eligible to claim the said deduction as already upheld by the Tribunal up-to AY 2008-09. Addition of deemed dividend u/s 2(22)(e) - assessee took loan of ₹ 11.46 Crores from a sister concern in which one of the partners of assessee’s firm namely Sangeeta Gilada had substantial shareholding of 18% - Held that:- We find that it is undisputed fact that the assessee is not holding any beneficial shareholding in aforesaid lender and the recipient of loan is the assessee and not the beneficial shareholder. The identical issue for AY 2009-10 was contested by revenue before this Tribunal [2014 (1) TMI 1782 - ITAT MUMBAI] wherein the stand of first appellate authority was confirmed by placing reliance on the decision in Universal Medicare [2010 (3) TMI 323 - BOMBAY HIGH COURT]. During impugned AY, the CIT(A) has also followed the same judicial precedent. This being the position, we find no infirmity in the impugned order on this issue. By confirming the same, we dismiss this ground of appeal.
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