TMI Blog2013 (4) TMI 488X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Central Board of Direct Taxes in issuing the notification would not warrant the respondent - assessee being denied the benefit of Section 80IA(4)(iii) - This is so, particularly when the Revenue has not been able to point out any infirmity in the approval as granted by the Ministry for Commerce and Industry recognizing the respondent - assessee as industrial park - The view of the Commissioner of Income Tax (A) and the Tribunal is a reasonable view in the facts of the case and thus we see no reason to entertain question regarding Section 80IA(4)(iii). The appeal is admitted on questions amended provisions of Section 80IB (10) and Section 2(22)(e). - IT APPEAL NO. 71 OF 2012 - - - Dated:- 22-2-2013 - M.S. SANKLECHA AND J.P. DEVAD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mstances of the case and in law, the Tribunal is right in law in holding that assessee is entitled to deduction under Section 80IA(4)(iii) of the Income Tax Act on profits on industrial park at Marol Andheri when assessing officer made disallowance as per Rule 18-C of the Income Tax Rules and project of the assessee was not notified by the CBDT in the assessment year 2005-06 and assessee has not shown relevant income as business income in the original return of income filed ?" 2. Insofar as question (b) is concerned, counsel for the parties state that the same is covered in favour of the assessee and against the Revenue by the decision of this Court in the respondent-assessee's own case being Income Tax Appeal No.777 of 2001 rendered on 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... plied with by the respondent - assessee during the assessment year in question. Further, there is no reason to hold the benefit under Section 80IA(4)(iii) of the Act is available only prospectively from the date of the issue of Notification by the CBDT. In these circumstances, as the decision of the Tribunal is based on finding of fact and mere delay on the part of the Central Board of Direct Taxes in issuing the notification would not warrant the respondent - assessee being denied the benefit of Section 80IA(4)(iii). This is so, particularly when the Revenue has not been able to point out any infirmity in the approval as granted by the Ministry for Commerce and Industry recognizing the respondent - assessee as industrial park. The view of ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
