Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2022 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (12) TMI 547 - HC - Income TaxExemption claimed u/s.10(A)/10B - Failure to furnish audit report in form 56G - Assessee had been claiming 100% deduction u/s 10B since AY 2004-05 - Whether the Assessee was entitled to exemption under Section 10B of the Act as claimed by it? - Tribunal reject the Tax Exemption claimed u/s.10(A) of the Act stating the reason that the appellant is not a unit under Special Economic Zone - HELD THAT:- As far as the above question is concerned, there can be no doubt that with the Assessee not having satisfied the mandatory requirement under Section 10B(5) of the Act of filing Form-56G, the exemption under Section 10B of the Act cannot be allowed. The question is accordingly answered in the negative, i.e., in favour of the Revenue and against the Assessee. Whether under the facts and circumstances there exists any issues to be decided by the Appellant Tribunal when the respondent himself settles the issue revising the Original assessment and original demand (U/s.156 of I.T. Act) ? - As regards the second question framed by this Court, Mr. Ray submitted that the Revenue had in fact given appeal effect to the order of the CIT(A) but failed to bring this to the notice to the ITAT when the appeal was argued. According to Mr. Ray, having accepted the verdict of the CIT(A), the Revenue could not have gone in appeal to the ITAT. The Court is unable to accept the above submission. The mere fact that the computation giving appeal effect to the order of the CIT(A) may have been prepared by the Revenue does not mean that it is precluded from challenging that order before the ITAT. Such computation by way of giving appeal effect would obviously be subject to the result of the Revenue’s appeal before the ITAT. Consequently, the second question is answered in the negative, i.e., in favour of the Revenue and against the Appellant/Assessee.
|