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2016 (11) TMI 284 - ITAT DELHI

2016 (11) TMI 284 - ITAT DELHI - TMI - Reopening of assessment - assessee is earning high level of operating profits and consequently the claim of assessee of deduction u/s 10A of the Act is excessive - Held that:- The reopening based on the findings in the assessment proceedings of subsequent years cannot be used to reopen assessment of previous assessment years when there was no specific allegation with regard to the order in question. Here also we have perused the order of the Tribunal dated .....

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ot quashed reopening notice only because of the reason that there was still time for filing the appeal by revenue before the Hon'ble High Court. In the present case the time limit has already been expired for filing of appeal against that order. In view of this we are of the opinion that when the very basis for the issue of notice u/s 148 no longer survives, the reopening is invalid on that count. - Interest earned on deposits with banks - amount shown by the assessee under the head “busines .....

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d the reopening of the assessment in the case of the assessee u/s 147 of the Act - Reduction in deduction available u/s 10A - Held that:- In view of admission of the parties that there is no change in the facts and circumstances of the case in the present year compared to Assessment Year 2009-10 , therefore following the decision of the coordinate bench we delete the addition made by the Assessing Officer in restricting the amount of deduction claimed u/s 10A of ₹ 39280361/- to ₹ .....

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iation which remained unabsorbed in the hands of the assessee same is allowable to assessee as current years depreciation as per provisions of section 32(2) of the Act. In view this we set aside this ground of appeal to the file of Assessing Officer to grant set off of this, sum if any remaining unabsorbed , in accordance with provision of section 32(2) of the Act making consequential adjustment to the computation of income after affording opportunity of hearing to the assessee - ITA No. 510, 51 .....

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dated 2011.2013 for the Assessment Year 2005-06. 3. The assessee has raised the following grounds of appeal:- 1. Based on the facts and circumstances of the case and in law, the Hon'ble Commissioner of Income-tax (Appeals) ['CIT(A)'] has erred in upholding the order of the learned Income-tax officer, Ward 1(1), New Delhi ('the learned assessing officer1) in assuming jurisdiction under section 147 of the Income Tax Act, 1961 ('Act') and issuing notice under section 148 of .....

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1.2. Based on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has erred in confirming the action of the learned assessing officer in initiating the reassessment proceedings under section 147 of the Act on the basis of proceedings concluded for a subsequent assessment year and not on the basis of any tangible material available for the concerned assessment year. 1.3. Based on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has erred in upholdi .....

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t of deduction available under Section 10A of the Act to ₹ 11,374,842 as against ₹ 39,280,361 claimed by the appellant. 2.1. Based on the facts and circumstances of the case and in law, the Hon'ble CIT (A) has erred in ignoring the fact that all the customers of the appellant are overseas entities outside the jurisdiction of Indian tax laws, and therefore there cannot be any motive to abuse the tax concession provided under section 10A of the Act. 2.2. Based on the facts and circ .....

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the provisions of section 80IA(10) of the Act to determine profits earned from international transactions and further using the Transfer Pricing Study to determine "ordinary profit" for the purpose of section 10A(7) read with section 80IA(10) of the Act. 2.4. Based on the facts and the circumstances of the case and in law, the Hon'ble CIT (A) has erred in not appreciating the various judicial precedents relied upon by the appellant in this regard. 2.5. Without prejudice to Grounds .....

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eduction u/s 10A of the Income Tax Act, 1961 of ₹ 39280361/-. Its return was processed u/s 143(1) of the Act on 17.05.2006. Subsequently, notice u/s 148 of the Act was issued on 23.03.2012 for reopening of the assessment recording following reasons:- The assessee had filed its Return of Income vide acknowledgement no. 0101000559 dated 28-10-2005, declaring its total income at Rs.Nil, and claiming an exempt income of ₹ 3,92,80,361/-. A refund of ₹ 28,30l/- was claimed on the bas .....

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chedule 8 to the Audited Accounts). 2. The assessee has claimed deduction u/s IDA of the Act to the tune of fts.3,92,80,361/-. Its turnover of Rsfi,24,85,165/- was 100% from Export of its services as detailed in (1) above, to its overseas associate enterprises (as per Form 3CEB doted 22'10-2005). 3. After deducting the expenditure of ₹ 4,75,70,229/- from the turnover of ₹ 8,24,85,165/-, the Operating Profit comes to ₹ 3,49,14,936/-. in percentage terms, this Operating Profi .....

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, the transaction between the connected parties is yielding more than ordinary profits in the eligible entity, then the AO shall re-compute the amount of profits as may be reasonably deemed to have derived there-from. 5. As per me general trends in such stream of business, the average Operating Profits in IT enables services are approximately 15-20% over the Operating Costs. It is pertinent to mention that same issue was adjudicated upon during the scrutiny proceedings for A.Y.2009-10 in the cas .....

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d eligible for the mark-up of 20% over the Operating Cost, the assessee has claimed excessive deduction, calculated as A Turnover As per P&L Account 82485165 B Operating Cost Exp. as per P&L Account 47570229 C Operating Profit 'A' - 'B' (approx. 73.4% of 'B'} 34914936 D Operating Profit (eligible for deduction u/s 10 A) 20% on 'B' 9514046 E Balance Operating Profits (not eligible for deduction u/s 10A) •C - 'D' (Excessive Deduction claimed u/s .....

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supplied reasons for reopening to assessee on 23.04.2012 against which the assessee filed objection dated 14.05.2012 and order disposing objections was passed on 18.05.2012. Subsequently, assessment order u/s 143(3) read with section 147 of the Act was passed making following two additions/disallowances:- i. interest income of ₹ 126118/- shown by the assessee as business income was treated by the ld Assessing Officer as income from other sources . ii. the assessee claimed deduction u/s 10 .....

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uthority challenging reopening of assessment, quantum of deduction u/s 10A and lastly on account of treatment of interest income of ₹ 126118/- as income from other sources. Ld CIT (A) confirmed validity of reopening of assessment u/s 147 of the Act and also confirmed deduction u/s 10A of the Act to ₹ 11374842/- as against claim of ₹ 39280361/-. On issue interest income chargeable as income from other sources he also confirmed the treatment given by ld AO. On being aggrieved by .....

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present assessment is reopened. In those proceedings it was alleged that the assessee is earning high level of operating profits and consequently the claim of assessee of deduction u/s 10A of the Act is excessive. Subsequently the Coordinate bench has decided this issue for Ay 2009-10 in favour of the assessee. However on that basis ld AO has reopened the assessment for this year. Similar proceedings were also initiated for AY 2006-07 which as challenged before the Hon'ble Delhi High Court .....

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148 no longer survives, we are of the view that as there is still time for the filing of an appeal by the Revenue before this court, a different order would be required to be passed. 7. It is clear that as the position stands today, the reasons do not survive. However, subsequently the position may be altered in case the Revenue files and appeal and succeeds therein. Therefore, the Revenue also has to be protected. Consequently, we are inclined to adopt the approach indicated in National Agricul .....

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revival in case the need arises. We make it clear that in case it is ultimately held in favour of the revenue, then the revenue shall be entitled to revive its proceedings pursuant to the notice under Section 148 of the said Act and the assessee shall not take up the plea of limitation. The writ petition stands disposed of accordingly. 8. Consequently, we direct that the re-assessment proceedings stand closed and the present writ petition is disposed of with liberty to both sides to seek reviva .....

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pressed any opinion with regard to the validity of the issuance of the notice under Section 148 on the date on which it was issued. 8. Therefore, he submitted that the order of ITAT dated 26.08.2014 referred to by the Hon'ble Delhi High Court has not been challenged and therefore on this ground the reopening may be held to be invalid for this year. The ld AR further submitted that the revenue has not filed any appeal against the decision of the ITAT for Assessment Year 2009-10 in ITA No. 348 .....

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based on which assessment can be reopened. 10. We have carefully considered the rival contentions and also perused the decision of the Hon'ble Delhi High Court placed before us. On reading of the decision of the Hon'ble Delhi High Court , it is clear that identical issue was decided. Though the Hon ble High Court relying on the decision of Silver Oak Laboratory Pvt Ltd. Vs. DCIT dated 18.12.2008 as held that in earlier years the additions has been deleted by the tribunal and it was noted .....

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Almost two years have passed after the date of pronouncement of the order. On a specific question of the bench about filing of the appeal against this order before higher forum the parties could not point out whether an appeal has been filed before Hon ble Hon'ble Delhi High Court against the order of the Tribunal. In AY 2006-07, Hon'ble Delhi High Court did not quashed reopening notice only because of the reason that there was still time for filing the appeal by revenue before the Hon& .....

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sits with banks to the tune of ₹ 126118/- shown by the assessee under the head business income but according the Assessing Officer the same is taxable under the head income from other source . As there is no order framed in the case of the assessee u/s 143(3) and return is accepted u/s 143(1) of the Act we are of the view that there is no error in the order of the ld CIT(A) in upholding the validity of the reopening following the decision of the Hon'ble Supreme Court in the case of ACI .....

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es it is not necessary for the Assessing Officer to come across, tangible material to form reasons to believe that income has escaped assessment. Hon'ble Delhi High Court while deciding the above issue has considered all the decisions cited before us regarding the reopening of the assessment. Hon'ble Delhi High Court in the above case has also considered the decision of the Hon'ble Supreme Court in case of CIT Vs. Kelvinator India Ltd. 320 ITR 561 (SC) and decision of the Hon'ble .....

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considered by the coordinate bench in assessee s own case for Assessment Year 2009-10 in ITA No. 348/Del/2013 dated 26th August 2014. The parties before us have also agreed that there is no change in the facts and circumstances in this year compared to the year for which decision is rendered. 13. We have carefully considered the rival contentions and also perused the decision of the coordinate bench. The appellant is a software technology park unit engaged in the business of providing informati .....

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er owning to the close connection between the parties, is of the view that the assessee is earning more than ordinary profit then he shall compute reasonable profit derived from such eligible industrial undertaking. The coordinate bench in Assessment Year 2009-10 has dealt with this issue vide para No. 5 to 11 as under:- 5. We have heard the rival submissions and perused the relevant material on record. The Revenue has made out a case that reduction in the amount of deduction u/s 10A was justifi .....

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10A as well, wherever applicable. The Assessing Officer has applied only sub-sec. (10) of sec. 80IA to restrict ITA No. 348/Del/2013 A. T. Kearney India Pvt. Ltd. 4 the amount of deduction u/s 10A to this level. It is clear from the facts of the case narrated above that the assessee is otherwise entitled to deduction u/s 10A in respect of export of eligible goods. The fact that the Assessing Officer himself allowed deduction u/s 10A @ 20% proves that all the eligible conditions set out in sec. 1 .....

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it would be apposite to consider the mandate of sub-sec. (10) of sec. 80IA as applicable at the relevant time, as under:- (10) Where it appears to the Assessing Officer that, owing to the close connection between the assessee carrying on the eligible business to which this section applies and any other person, or for any other reason, the course of business between them is so arranged that the business transacted between them produces to the assessee more than the ordinary profits which might b .....

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10) of sec. 80IA cannot be applied to transactions between two enterprises, one of which is not a resident of India. In support of this contention, he sought to rely on Circular No. 308 dated 29.6.1981 explaining the provisions of sec. 10A. Referring to para 6.10 of the Circular, dealing with the applicability of sub-sec. (8) and (9) of sec. 80I to sec. 10A, the ld. AR argued that its last line clearly provides that this provision has been made with a view to avoid abuse of the tax concession by .....

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e other person having non-eligible business is resident of another country, there can be no question of manipulation of profit, as in such a scenario it is only the resident assessee whose profits are taxable in India and there can be no ITA No. 348/Del/2013 A. T. Kearney India Pvt. Ltd. 6 corresponding decrease in the profits of the assessee having non-eligible business. 7.2. We do not find any force in this contention made on behalf of the assessee. A plain reading of sub-sec. (10) of sec. 80I .....

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sec. (10) of sec. 80IA is that the course of business between the assessee having eligible business and the closely connected any other person should be arranged. The expression any other person has not been qualified by the phrase resident of India . It has no where been provided in any part of this provision that such connected person also must be a resident of India. The essence of this disabling provision is that when the close connection between two related persons artificially produces mor .....

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ection (10). There is no such stipulation in the provision that the increase in the profits of the assessee having eligible business must correspond with the decrease in the taxable profits in India of the person carrying noneligible business. This provision is simply concerned with the increase in the profits of the assessee having eligible business. To argue that unless there is corresponding decrease in the profits of the other assessee, also a resident of India, the mandate of sub-sec. (10) .....

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l time. As the AO has made out a case that owing to the close connection between the assessee and the foreign AE, the course of business between them was so arranged as to produce more than ordinary profit to the assessee, thus, the part of the provision stipulating - or for any other reason -, is not applicable to the facts of the instant case. Thus on an analysis of the parts of sub-section (10), as are relevant and applicable to the factual matrix under consideration, it can be seen that it h .....

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rofits as may be reasonably deemed to have been derived from the transactions of such arranged course of business in computing the profits of such eligible business for the purposes of the deduction under this section. 8.2. There is no dispute as regards the applicability of i. above inasmuch as there is a close connection between the assessee carrying on the eligible business in India and its associated enterprise, being any other person, carrying on business outside India. 8.3. Now we espouse .....

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hat the transactions between the assessee and the other related person were arranged with a view to produce more profit to the assessee carrying on eligible business. 8.4. At this juncture, it is of significant to note from iii. above that sub-section (10) is a fictional provision, deeming reasonable profits as actual profits for the purposes of computing the amount of the eligible deduction u/s 10A in case the conditions under i. and ii. above are satisfied. The noteworthy point is that instant .....

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n be no inference or intendment as regards such a provision. The Hon ble Supreme Court in CIT Vs. Amarchand N. Shroff (1963) 48 ITR 59 (SC) and CIT Vs. Mother India Refrigeration Industries P. Ltd. (1985) 155 ITR 711 (SC) considered the ambit of deeming provisions and held that the fiction cannot be extended beyond the object for which these were enacted. The Hon ble Bombay High Court in CIT Vs. Ace Builders P. Ltd. (2006) 281 ITR 210 (Bom.) has also taken similar view. On an appraisal of the ab .....

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, a deeming provision is to be strictly construed. 8.5. With this background that sub-section (10) is a deeming provision and it must be strictly construed, we revert to the point under consideration that the Assessing Officer must show at the first instance that the course of business between these closely connected persons was arranged so as to produce more than ordinary profits in the hands of a person carrying on the eligible business. Such a position has to be necessarily proved. There can .....

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simply, if such an arrangement is a cause, the higher profit is its effect . It is well known that higher or lower profit of a business can be as a result of the cumulative effect of several factors. To cite an example, if one person succeeds in cutting down its costs without affecting the quality of output, he will naturally earn more profit than others in the same line of business. Similarly, economies of scale also affect the profit. In the like manner, the extent of administrative, marketin .....

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le business, the apparent profit will still be high. Though in both such cases, the profit of the eligible business has shot up, but in the first instance, it is higher due to efficiencies and in the second, it is higher due to arrangement . Similarly, if a businessman manages to make sales in the market at a higher price because of its effective selling techniques, he will earn more profit. On the other hand, if the sales are not at high price because of the effective marketing strategy, but be .....

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where the higher profit has resulted due to arrangement between the assessee and its closely connected person and not the first, where the higher profit resulted due to the assessee s effectively managing the business. Thus it is evident that though in both the situations, the profit is higher, but recourse to sub-section (10) can be taken only in the case of arrangement between the assessee and the closely connected person. In other words, the mere higher profit of the person carrying on the el .....

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e of the similar products etc. or that the assessee having eligible income booked relatively less expenses or showed relatively more income on other counts in transactions with closely connected person. It is only when the existence of arrangement is proved in this manner that the provisions of sub-section (10) can be employed to reduce the extraordinary profits resulting from such lower payments or excess recoveries to/from the related person. To put it simply, the higher profit shown by the el .....

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reiterate that the higher profit should be the effect of such an arrangement and cannot be a substitute of such arrangement itself, which is a cause , for invoking sub-section (10) of section 80IA. 8.6. It can be seen from the facts of the instant case that the AO has simply treated high profit earned by the assessee as a reason to summon sub-section (10), without even remotely demonstrating the existence of any arrangement between the assessee and its AEs aimed at producing extra ordinary profi .....

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so that the business transacted between them produced more than ordinary profits to the assessee. Now the question arises as to whether the TP study report can be construed as a sufficient evidence to prove that the course of business was arranged between the assessee and its foreign A.Es to produce more profits in the hands of the assessee. The ld. DR strongly argued that the Transfer pricing study report submitted by the assessee clearly proved that the assessee charged higher profit from its .....

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of proviso to sub-sec. (10) which has been inserted by the Finance Act, 2012 w.e.f. 1.4.2013. This proviso reads as under:- Provided that in case the aforesaid arrangement involves a specified domestic transaction referred to in section 92BA, the amount of profits from such transaction shall be determined having regard to arm's length price as defined in clause (ii) of section 92F. 9.3. A close scrutiny of the above proviso transpires that in case the aforesaid arrangement (that is, the arra .....

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section 92BA of the Act as any of the given five specific and one general transaction, not being an international transaction, including, inter alia, (iv) any business transacted between the assessee and other person as referred to in sub-section (10) of section 80-IA, where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of five crore rupees. When we read the proviso in entirety, it divulges the following components :- i. There should be arran .....

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ALP. 9.4. It is only when i. and ii. above are collectively satisfied that the iii. above is set in motion so as to determine the amount of reasonable profits, as determined having regard to the ALP, to be substituted with the declared profit of the eligible assessee. If the aggregate of all the given six transactions does not exceed a sum of five crore rupees, then it would not become specified domestic transactions. But in such a case also, wherever the relevant provisions are applicable, tho .....

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to be highlighted here is that in a case of specified domestic transaction, that is, where the aggregate of six transactions exceeds a sum of five crore rupees, the proviso simply provides a mechanism for the computation of reasonable profit to be determined having regard to the ALP. This is the only mandate of the proviso. Even in that case also, the existence of the arrangement between the assessee and its related party, aiming to increase the profits of the eligible assessee, is a pre-requisi .....

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ic transaction, the AO now need not separately find out and establish the genuineness of the reasonable profits to be substituted for the declared profits. In such a scenario, the profit determined having regard to the ALP shall be automatically considered as reasonable profits to be substituted with the declared profits by the eligible assessee. To contend that the proviso has dispensed with the need on the part of the AO to establish such arrangement , is not correct. What has been dispensed w .....

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P of such transaction. 9.5. It is paramount to note that proviso to sub-sec. (10) has been inserted w.e.f. 1.4.2013 simultaneous with the inclusion of specified domestic transaction within the ambit of transfer pricing provision, whereas Chapter-X dealing with the computation of income from international transaction having regard to Arm s Length Price was inserted by the Finance Act, 2001 w.e.f. 1.4.2002. At that time, subsec. (10) of sec. 80IA was very much on the statute. The legislature did n .....

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international transaction computed having regard to ALP, as relevant for sub-sec. 10A from 1.4.2002. The further fact that the proviso to subsec. (10) of sec. 80IA inserted by the Finance Act, 2012 encompasses only the specified domestic transaction and not the international transaction, as is the case under consideration, amply proves that the legislature neither intended nor intends to have recourse to the profits from international transaction having regard to their ALP as a yardstick of reas .....

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owards an order passed by the Hyderabad Bench of the Tribunal in Zavata India Pvt. Ltd. Vs ITO (ITA No. 628/Hyd./2008) and another passed by the Chennai Bench of the Tribunal in M/s Visual Graphics Computing Services (India) Pvt. Ltd. Vs ACIT (2073/Mds/2011) in which it has been held that the TP study report cannot be considered for determining excess profit and thereby denying/restricting the amount of deduction u/s 10A. No contrary precedent has been brought to our notice by the ld. DR. 11. Ad .....

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the proviso to sub-section (10) existed at that time, nor such a proviso can be applied as we are dealing with an international transaction and not specified domestic transaction. Under these circumstances, we are of the considered opinion that the impugned order upholding the invocation of sub-sec. (10) of sec. 80IA cannot be countenanced to this extent. Ergo, it is held that the ld. CIT(A) erred in sustaining the disallowance made by the Assessing Officer by restricting the amount of deductio .....

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eduction claimed u/s 10A of ₹ 39280361/- to ₹ 11374842/-. In view of this we allow ground No. 2 of the appeal of the assessee reversing the order of the ld CIT(A). 15. Ground No. 3 of the appeal is against denying deduction u/s 10A on interest income from bank deposits amounting to ₹ 126118/- considering it as income from other sources. The ld AR submitted that the issue is squarely covered in favour of the assessee by an order of the Hon ble Hon'ble Delhi High Court in cas .....

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78 (SC). 17. We have carefully considered the rival contentions. Assessee has earned interest on short term deposit with the bank and appellant treated it as business income whereas the ld Assessing Officer was of the view that interest income is chargeable to tax as income from other sources and as it is not business income deduction on this sum is not allowable u/s 10A of the Act. The ld CIT(A) has dealt with this issue at Page 6.3 of his order as under:- 6.3 I have carefully considered the su .....

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ing. The Hon'ble Apex Court in the case of Liberty India vs. CIT 317 ITR 218 (SC) has held that by using the expression 'derived from', Parliament intended to cover the sources not beyond the first degree. The Hon'ble Madras High Court in the case of CIT vs. N.S.C. Shoes 258 ITR 749 has held that interest on amount deposited with bank cannot be said to be income derived from industrial undertaking. The interest income was held to be not having any direct and proximate link with t .....

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pra). The issue in that case was with respect to the duty draw back in the form of DEPB benefits whether they are deemed to be the part of the business income , thus it was treated as profit derived from the business undertaking. In the present case the first issue to be decided as whether the interest income falls under the head of business or not. Therefore, the ratio laid down by that decision do not apply to the present case. Consequently, reliance on this decision does not help assessee. De .....

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the head income from other sources and not business income therefore the ground No. 3 of the appeal is dismissed. 19. In view this appeal of the assessee for Assessment Year 2005-06 is partly allowed. ITA No. 511/Del/2014 Assessment Year 2007-08 20. This appeal is filed by the assessee against the order of the ld CIT(A) dated 28.11.2013 raising following grounds of appeal:- Re-assessment proceedings are bad in law 1. Based on the facts and circumstances of the case and in law, the Hon'ble Co .....

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earned assessing officer as reasons to believe are invalid and reassessment proceedings cannot be initiated on mere change of opinion especially when the claim of deduction under section 10A of the Act has been verified in detail during the course of assessment proceedings for the earlier assessment years. 1.2. Based on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has erred in confirming the action of the learned assessing officer in initiating the reassessment proc .....

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on applicability of Section 10A(7) read with 80IA(10) 2. Based on the facts and circumstances of the case and in law, the Hon'ble CIT (A) has erred in confirming the action of the learned assessing officer in invoking Section 1QA(7) read with Section 80IA(10) of the Act and thereby restricting the amount of deduction available under Section 10A of the Act to ₹ 15,636,462 as against ₹ 27,957,136 claimed by the appellant. 2.1. Based on the facts and circumstances of the case and in .....

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ssessment Year 2006-07 and Dividend Distribution taxes in India and therefore, the allegation that no taxes are paid in India is baseless. 2.3. Based on the facts and circumstances of the case and in law, the Hon'ble CIT (A) has erred in upholding the action of the learned assessing officer in applying the provisions of section 80IA(10) of the Act to determine profits earned from international transactions and further using the Transfer Pricing Study to determine "ordinary profit" .....

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ould be given such an interpretation so as to grant the tax incentive intended by the legislation. 2.6. Without prejudice to Grounds 2.1 to 2.5 above, based on the facts and circumstances of the case and in law, the Hon'ble CIT (A) has erred in confirming the incorrect estimation of operating margin percentage and actual profit margin by the learned assessing officer. Allowability of deduction u/s 10A on Interest Income 3. Based on the facts and circumstances of the case and in law, the Hon& .....

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₹ 2,58,273 as claimed by the appellant in the return of income. 4.1. Without prejudice to Ground 4 above, based on the facts and circumstances of the case and in law, the Hon'ble CIT(A) has erred in upholding the action of the learned assessing officer in not granting the benefit of set off of unabsorbed depreciation against interest income which has been treated as 'Income from Other Sources' by the learned assessing officer. 21. The first ground of appeal is against the reop .....

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he assessee and consequently an issue of interest income earned of deposit with the banks of ₹ 113340/- offered for taxation of business income against the view of the Assessing Officer that it is chargeable to tax as income from other sources. We have already decided the identical issue in Assessment Year 2005-06 in case of the assessee wherein we have held that reopening made by the LD AO is valid as no assessment was framed u/s 143(3) of the Act. Similarly in this appeal we hold that re .....

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ly considered the rival contentions and also perused the facts of the case. As we have already decided this issue following the order of the coordinate bench in assessee s own case reversing the order of the ld CIT(A) in restricting the amount of deduction to ₹ 15636462/- as against ₹ 27957136/-., we similarly allow the appeal of the assessee on this ground. In the result the ground No. 2 of the appeal of the assessee is allowed. 23. Ground No. 3 of the appeal is against considering .....

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