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Income Tax Officer-1, Income Tax Office Versus M/s Delcia Food (India) Pvt Ltd

2015 (7) TMI 1014 - ITAT DELHI

Eligible business for claiming deduction u/s 80IC - whether CIT (A) has completely erred to appreciate the implications of income being offered by the assessee itself for taxation and action taken by the A.O. It is a case of deduction u/s 80lC and the assessee did not have profit from eligible business for claiming deduction u/s 801C? - Tax effect in this appeal is less than ₹ 4,00,000/-, therefore, whether the Department ought not to have filed this appeal? - Held that:- It is not in disp .....

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that the Revenue should not have filed the instant appeal before the Tribunal. See CIT vs. Delhi Race Club Ltd. [2011 (3) TMI 1488 - High Court of Delhi] - Decided against revenue. - ITA No. 5562/Del/2013 - Dated:- 15-6-2015 - S V Mehrotra, AM And H S Sidhu, JM,JJ. For the Appellant : Smt Parwinder Kaur, Sr. DR For the Respondent : Shri V Raj Kumar, Adv. ORDER Per H S Sidhu,JM. This appeal by the Department is directed against the Order dated 26.7.2013 of Ld. CIT(A)-II, Dehradun pertaining to as .....

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rofit and loss account and deduction was claimed on the same. The Ld. CIT (A)-II failed to appreciate the intent of the assessee in doing so. He ended up paying virtually no tax on the amount he introduced in the books on account of income from job receipts. He introduced his unaccounted money in the garb of income from job receipts knowing fully well that by doing so there would not be any tax liability. Had it not been a case of deduction u/s 80IC, then the finding given by Ld. CIT would have .....

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ligence that the job receipts were not actually income on account of job receipts and the income was deemed income u/s 68 meaning thereby the assessee could not set off business loss against this income. He allowed the assessee to carry forward the business loss and determined tax liability on the deemed income. 3. On the facts and circumstances of the case, the Ld. CIT (A)-11 has erred in law and facts to hold that the assessee has already offered the income from Job Work for tax in its return .....

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deduction U/S 80-IC. The Assessing Officer has established in detailed in the Assessment Order 'that the assessee could not substantiate the source of cash credits and hence, the Assessing Officer treated the cash credits as unexplained income by invoking the provisions of Section 68 of the Income Tax Act, 1961. It has also been explained in the Assessment Order in detailed along with judicial pronouncements that deduction U/S 80-IC is not allowable on the unexplained cash credits and the as .....

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#8377; 4,00,000/-, therefore, the Department ought not to have filed this appeal in view of the circular issued by the CBDT and the provisions contained in the section 268A of the Income Tax Act, 1961 (hereinafter to be referred as the Act). 4. On the other hand, Ld. DR supported the order of AO, but could not controvert this fact that the tax effect in this appeal is less than ₹ 4,00,000/-. 5. After considering the submissions of both the parties and the material on record, it is noticed .....

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suance of the orders, instructions or directions issued under sub-section (1), an income-tax authority has not filed any appeal or application for reference on any issue in the case of an assessee for any assessment year, it shall not preclude such authority from filing an appeal or application for reference on the same issue in the case of - (a) the same assessee for any other assessment year; or (b) any other assessee for the same or any other assessment year; (3) Notwithstanding that no appea .....

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, instructions or directions issued under sub-section (1) and the circumstances under which such appeal or application for reference was filed or not filed in respect of any case. (5) Every order, instruction or direction which has been issued by the Board fixing monetary limits for filing an appeal or application for reference shall be deemed to have been issued under sub-section (1) and the provisions of sub-sections (2), (3) and (4) shall apply accordingly." 6. It is not in dispute that .....

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