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2016 (1) TMI 808 - ITAT KOLKATA

2016 (1) TMI 808 - ITAT KOLKATA - TMI - Deduction under section 80-IA - rectification of mistake - Held that:- The claim of the assessee for deduction under section 80IC was disallowed by him, inter alia, on the basis of condition laid down in section 80AB and a finding was recorded by him in this context that the said condition was not fulfilled by the assessee in the sense that the notional profit had never been included in the Credit Side of the Profit & Loss Account. In our opinion, it, ther .....

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otal income of the assessee as claimed, the assessee cannot be said to have any material grievance on this issue. We, therefore, hold that there is no mistake in the order of the Tribunal while deciding the issue relating to the assessee's claim for deduction under section 80IC as alleged by the assessee.

Disallowance under section 14A - Held that:- Disallowance under section 14A was arrived at by the Assessing Officer by a categorical recording that he was not satisfied with the corr .....

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that there is a mistake in the order of the Tribunal as alleged by the assessee. Moreover, a specific view has been taken by the Tribunal in its order on this aspect of the matter and any interference with the same will amount to review, which is not permissible under section 254(2) of the Act. As such considering all the facts of the case, we are of the view that there is no mistake apparent from record in the order of the Tribunal as alleged by the assessee in the present Miscellaneous Applic .....

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014 passed in ITA Nos. 1339/KOL/2012 and 1144/KOL/2012. 2. At the time of hearing before us, the ld. Counsel for the assessee has not pressed the issue relating to the first mistake alleged to have been crept in the order of the Tribunal while deciding the ground in respect of assessee's claim for deduction under section 80-IA. 3. As regards the second mistake allegedly crept in the order of the Tribunal while deciding the issue relating to deduction under section 80IC, the ld. Counsel for t .....

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, has restored the issue relating to the assessee's claim for deduction under section 80IC to the ld. CIT(Appeals) with a direction to verify as to whether the income derived by the assessee from the eligible undertaking is included in the gross total income of the assessee or not. He contended that the order of the Tribunal giving such direction thus suffers from a mistake apparent from record as this issue does not arise at all from the order of the Assessing Officer. 4. The ld. D.R., on t .....

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ing due opportunity to the assessee of being heard and if the said profit is included in the gross total income of the assessee as claimed, assessee cannot be said to have any grievance on this issue as the ld. CIT(Appeals) is bound to give an opportunity to the assessee to establish the same as per the direction of the Tribunal. 5. After considering the rival submissions and perusing the relevant material available on record, we are unable to agree with the ld. Counsel for the assessee that the .....

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he basis of condition laid down in section 80AB and a finding was recorded by him in this context that the said condition was not fulfilled by the assessee in the sense that the notional profit had never been included in the Credit Side of the Profit & Loss Account. In our opinion, it, therefore, cannot be said that this issue does not arise from the order of the Assessing Officer and there is a mistake in the order of the Tribunal in giving direction to the ld. CIT(Appeals) to verify the sa .....

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e issue relating to the assessee's claim for deduction under section 80IC as alleged by the assessee. 6. As regards the third mistake allegedly crept in the order of the Tribunal while deciding the issue relating to the disallowance made under section 14A read with Rule 8D, the ld. Counsel for the assessee submitted that the ld. Authorized Representative of the assessee during the course of hearing before the Tribunal had sought to raise the issue relating to the absence of objective satisfa .....

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given a finding to the effect on page no. 29 that such satisfaction on objective basis was recorded by the Assessing Officer. He has contended that this finding thus has been recorded by the Tribunal without giving the assessee an opportunity of being heard and there is a mistake apparent from record in the order of the Tribunal. In support of this contention, he also filed an affidavit of the ld. Authorized Representative of the assessee Shri Rahul Krishna Mitra, who appeared on behalf of the a .....

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ons of the Tribunal recorded on pages 28 & 29 of its order to point out that the issue relating to the satisfaction to be arrived at by the Assessing Officer on objective basis was not only considered and discussed by the Tribunal, but the same was decided by recording a very clear-cut finding to the effect that such satisfaction was duly recorded by the Assessing Officer. He contended that the order of the Tribunal thus cannot be said to have suffered from any mistake as alleged by the asse .....

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