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TMI Blog2014 (1) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... eduction u/s. 80IA of the I.T. Act amounting to Rs. 2,49,43,580/-. 3. The learned CIT(A) ought to have appreciated the fact that simply because the audit report in Form 10CCB was not filed the deduction u/s. 80IA should not be disallowed. 4. The learned CIT(A) ought to have seen that the appellant complied with all the requirements of the provisions of sec. 80IA of the I.T. Act and, therefore, the assessee is eligible for deduction. 3. Brief facts of the case are that the assessee-company is engaged in the business of real estate, construction contracts, property development, development of software parks, etc., field its return of income on 30.09.2009 admitting total income of Rs. 12,83,15,990. The Assessing Officer completed the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ime. However, the approval was not yet given by the Ministry of Commerce, Government of India. In the absence of statutory approval from Ministry of Commerce, Government of India, as per the provisions of section 80IA of the Act exemption cannot be granted. Similar issue came before this Tribunal in the case of SSPDL Ltd. vs. DCIT (24 ITR (Trib) 290). The Tribunal vide order dated 5.4.2013 held as under: "6. We have heard both the parties and perused the material on record. It is seen from the conditions laid down in the provisions of section 80IA(4)(iii) of the IT Act read with Rule 18C of the IT Rules, 1962 that approval from the Ministry of Commerce and Industry under the Industrial Park Scheme and subsequent notification in this regard ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the application of the assessee could not be considered under Industrial Policy Scheme 2002 and it was advised to apply to the CBDT under the Industrial Policy Scheme 2008. According to the assessee on 10.1.2007 when the application was made for approval, there was no such scheme and only scheme under which the assessee has to be considered is Industrial Policy 2002. The Ministry of Commerce having acted upon the application it should be granted with the approval under Industrial Policy, 2002. 8. He also brought to our notice that the Ministry of Commerce & Industries has granted approval under the IP Scheme, 1999 and 2002 to one assessee M/s. Haryana State Industrial and Infrastructure Development Corporation Ltd., Panchkula, Park at HS ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act. A new scheme was framed on 8th January 2008 and made applicable with effect from 1st April, 2006. In view of the above, in our opinion, the assessee is not duly approved by the competent authority for availing benefit of deduction u/s. 80IA(4) of the Act, which is mandatory in nature. Mere moving an application to the Central Government for being notified under clause (iii) of section 80IA(4) on 8th January, 2007 to the Secretary, DIP & P, Ministry of Commerce & Industry, New Delhi cannot confer the benefit when the 2002 scheme was not in operation and not applicable. The benefit u/s. 80IA(4)(iii) could be availed by the assessee only after the approval by the DIPP under the scheme. Accordingly, the assessee cannot claim deduction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... event of assessee getting approval from Ministry of Commerce, Govt. of India, it can file an application for restoration of this appeal. With that liberty to the assessee, we dismiss the appeal of the assessee. 12. In the result, appeal of the assessee is rejected." 6. Respectfully following the above order of the Tribunal, we are inclined to reject the claim of the assessee as the assessee has not fulfilled the basic condition provided u/s. 80IA(7) of the Act as per which the assessee is required to file along with the return of income an audit report in Form No. 10CCB. Being so, we confirm the order of the CIT(A) on this issue. 7. In the result, appeal of the assessee is dismissed. Order pronounced in the open court on 12th December, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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