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2022 (5) TMI 850 - AT - Income TaxDeduction u/s 80-IA - AO denied the same on the allegation that the assessee did not fulfil the conditions of Sec.80-IA(3) as well as Sec.80-IA(5). Another issue that cropped up was claim of higher depreciation while computing Book Profit u/s 115JB - As submitted that the erstwhile firm Meenakshi Distribution Service got converted into a corporate entity and it was not a case of splitting-up or reconstruction of business as wrongly understood by lower authorities - HELD THAT:- CIT(A) has not rendered any independent findings and merely endorsed the view of Ld. AO. Keeping in view the submissions made before us, we deem it fit to set aside the impugned order and restore both the issues back to the file of Ld. AO for fresh consideration. The assessee is directed to demonstrate that it was entitled for deduction u/s 80-IA and also justify claim of higher depreciation u/s 115JB. Needless to add that adequate opportunity of hearing shall be granted to the assessee. Assessee appeal stand allowed for statistical purposes.
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