Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (4) TMI 286 - AT - Income TaxDeduction u/s 80-IA(4) - container freight station eligibility for deduction - HELD THAT:- We have seen that on identical grounds of appeal, similar issue was decided by the Tribunal in favour of the assessee by relying upon the decision of Hon’ble Supreme Court in Container Corporation of India [2018 (5) TMI 359 - SUPREME COURT] wherein freight station is held as eligible for deduction u/s 80IA(4). Deduction u/s 80IA claimed consisting head rent and interest on Fixed Deposits - HELD THAT:- We have noted that interest on FD was held to be not inextricably linked with the business of the assessee and was decided against the assessee. However, the other component of income, viz. Rental income is restored back to the file of the AO with similar direction as contained in order of the Tribunal for AY 2009-10 [2019 (8) TMI 1472 - ITAT MUMBAI] Disallowance u/s 14A - Proof of earning exempt income - HELD THAT:- We have noted that during the period under consideration, the assessee has not earned any exempt income. There is no finding of AO, whether the assessee has earned any exempt income. Therefore, we direct the AO to verify the fact if any exempt income has been earned by the assessee and if no exempt income has been earned by the assessee, then no disallowance u/s 14A be made. This ground of appeal is treated as allowed.
|