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2022 (4) TMI 243 - AT - Income TaxDeduction u/s 80 IC - initial assessment year - whether assessment year 2005-06 is the initial assessment year or 2006-07 is the initial assessment year was in question for the purposes of allowing deduction u/s 80 IC? - HELD THAT:- Tribunal while disposing of the appeal of the assessee for the assessment year 2010-11 held that the ‘initial year’ for claiming benefit u/s 80IC of the Act is 2006-07 and going by that assessment year 2010-11 is 5th year. Thus, we hold that the initial year for the purposes of claiming deduction under Section 80 IC of the Act is 2006-07 and not 2005-06. Consequently, the assessment year 2011-12 will be the 6th year and 2012-13 will be the 7th year. Accordingly, we direct the Assessing Officer to consider the initial year as 2006-07 and the assessment years under consideration i.e. 2011-12 and 2012-13 shall be 6th and 7th year respectively for the purpose of allowing deduction under Section 80 IC. Deduction u/s 80 IC on AMC charges, duty draw back, interest on FDRs, other interest and interest on refund - HELD THAT:- On perusal of the order of the Tribunal in assessee’s own case for assessment years 2006-07 and 2007-08, we find that the Tribunal held that AMC charges is income derived from business of the assessee entitled for deduction u/s 80 IC - We direct the AO to allow deduction under Section 80 IC in respect of AMC charges received by the assessee. In so far as the duty draw-back, interest on FDR, other interest are concerned, these incomes are not derived from business of the assessee. Hence, we hold that these incomes are not entitled for deduction under Section 80 IC of the Act.
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