2018 (12) TMI 219

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..... under section 80-IB of the Income Tax Act, 1961, (for short, 'the Act') in a sum of Rs. 16,36,97,283/-. Thereafter, proceedings were initiated under section 148 of the Act. The assessee filed a return and the deduction claimed under section 80-IB of the Act was reduced to Rs. 11,16,26,648/-. The Assessing Officer held that once there is no net profit, no deduction under section 80-IB of the Act can be attributed. Accordingly, the claim under section 80-IB of the Act was held to be inadmissible. On an appeal before the Commissioner of Income Tax, the same was rejected. Thereafter, an appeal was preferred before the Tribunal. The Tribunal set aside the orders of the Assessing Officer as well as the Commissioner of Income Tax (Appeals) and u .....

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..... stantial question of law that have been framed requires to be reframed. Arguments are advanced on this ground. 4. On hearing learned counsels, we are of the view that the following substantial question of law requires to be framed for consideration in this appeal:   "Whether the Tribunal was justified in passing the order without even considering the contentions of the Revenue and without discussing the reasons assigned by the Assessing Officer?" 5. The Assessing Officer, while passing the order, took note of the fact that the assessee Company has not maintained separate books of accounts for Pondicherry Unit nor has it computed the income of the Pondicherry Unit on any cogent and coherent basis. When there is a gross profit of abou .....

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..... w, non-consideration of all the contentions and without any discussion would render the order of the Tribunal to be interfered with. Therefore, it is only just and necessary that the impugned order of the Tribunal be set-aside, by remanding the matter to the Tribunal for a fresh consideration in accordance with law. 8. Consequently, the substantial question of law is answered by holding that the Tribunal was not justified in passing the order without considering the contentions advanced by the Revenue and without discussing the reasons as assigned by the Assessing Officer. Therefore, the order of Tribunal is set-aside and the matter is remanded to the Tribunal for a fresh consideration. Appeal is, accordingly, disposed off.
Case laws, .....

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