Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2020 (6) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 582 - AT - Income TaxUnabsorbed investment allowance - allowance u/s 32A (6) - HELD THAT:- In view of the provisions of section 32A(6) of the Act, the matter travelled back to the AO as per the directions of the Tribunal. The AO had to see whether the assessee had fulfilled the conditions of section 32A(6) but he laid emphasis on the provisions of section 72A of the Act, which is misplaced. AO (the incumbent who has submitted the remand-report) completely went beyond the directions of Hon’ble ITAT and repeated the provisions of section 72A of the Act which the AO had relied upon in the original assessment order and which were adjudicated upon by the Hon’ble ITAT. The specific issue which remained to be decided was whether various conditions as specified in section 32A(6) and the section 32A(4), 32A(3) as referred in section 32A(6) of the Act are fulfilled in the appellant’s case. The appellant has elaborately shown that the conditions specified in section 32A(6) of the Act are fulfilled by it. Therefore, the claim of the appellant is fully justified. Revenue has failed to controvert the findings of the CIT(A). Once the assessee has fulfilled the conditions of section 32A(6) of the Act, the claim merits to be allowed in the hands of the assessee. Accordingly, we find no merit in the present appeal filed by the Revenue.
|