2009 (12) TMI 933

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.... C.N. Ramachandran Nair, J. - The appeal is filed by the Revenue against the order of the Tribunal raising three questions for our decision. One of the issues pertains to disallowance under section 43B of the IT Act which is belated payment of PF contribution. The Tribunal allowed the claim following decision of the Supreme Court in CIT v . Vinay Cement Ltd. [2007] 213 CTR (SC) 268 because paym....

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....erived from a new industrial unit set up at Pondicherry. The claim pertains to the previous year relevant for the asst. yr. 2000-01 and therefore, the unamended provision of section 80-IA applies to the assessee. We have heard standing counsel appearing for the appellant and advocate Sri. T.M. Sreedharan appearing for the respondent. 3. During the previous year assessee carried on business in two....

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....er setting off loss from one industrial unit against the profit from another. Even though the eligible amount to be claimed under section 80-IA was Rs. 18,12,770 being 25 per cent of the profit of the eligible unit, in the original return, the assessee limited the deduction to Rs. 8,51,697 which was actually the net total income computed after making disallowance under various provisions. In the r....

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....any controversy on this proposition because under section 80A(2) total deductions under Chapter VI-A have to be limited to the gross total income of the assessee computed under the provisions of the Act. Therefore, assessee cannot claim deduction under section 80-IA in excess of gross total income computed, no matter eligible amounts may be higher than such income. However, we disapprove the patte....