Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (11) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (11) TMI 328 - AT - Income TaxAllowance of deduction u/s 10B - non reduction therefrom the deduction claimed u/s 35(2AB) - HELD THAT:- As rightly observed by the Commissioner (Appeal), the doubt raised by the Assessing Officer was on account of factual misconception that the EOU was approved on 26.02.2010. On the contrary, the material on record clearly demonstrates that the EOU was approved on 27.02.2007 and the approval was ratified by the Board of Approval on 14th January, 2011. Thus the doubt raised by the AO also stands clarified. In so far as the objection raised by the Revenue relating to non reduction of expenses claimed under section 35 (2AB) of the Act, it is observed, in paragraph 5.4.11 of his order learned Commissioner (Appeal) has recorded a factual finding that after verifying the details furnished by the assessee it was found that expenses claimed under section 35(2AB) were reduced while computing deduction 10B thereby, requiring no further adjustment. DR has not brought any material on record to controvert the aforesaid factual finding In view of the above said we do not find any reason to interfere with the decision of Commissioner (Appeals) on this issue. The ground raised being devoid of merit is dismissed. Addition made to closing inventory - HELD THAT:- Since, assessee’s claim of write off has been fully allowed in A.Y. 2009–10, the relief granted in the impugned assessment year has to be withdrawn. Learned Departmental Representative agreed with the aforesaid submission of learned Authorised Representative. Having considered rival submissions, we find that assessee’s claim of write off of inventories amounting to ₹ 14,40,81,661/– stands allowed fully in A.Y. 2009–10 by the decision of the Tribunal, as referred to above. Thus, the additional relief granted to the assessee in the impugned assessment year has to be withdrawn. Therefore, the decision of learned Commissioner (Appeals) on the issue is reversed. Ground raised is allowed.
|