9911796707
TMI Blog2019 (1) TMI 36X X X X Extracts X X X X X X X X Extracts X X X X ..... has been carrying on the business of commercial printing and photo type setting. The return of income was filed by the assessee for the Assessment Year 2007-08 declaring a total income of Rs. 17,65,29,535/-. In the return of income, the assessee also claimed deduction u/s 10B of the Income Tax Act, 1961 ('the Act') of Rs. 47,15,626/- in respect of Faridabad Digital Unit and of Rs. 7,32,32,608/- in respect of unit at F-5, Noida. Both the undertakings were eligible for deduction u/s 10B of the Act and in all the preceding assessment years, the deduction claimed had been allowed. The case was selected for scrutiny and the order of assessment u/s 143(3) of the Act was passed by the Assessing Officer ("AO"), wherein the total income was assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pplication No. 181/Del/2016 u/s 254(2) of the Act was dismissed by the Tribunal, wherein it was held that there was no apparent mistake in the order dated 15.01.2016 of the Tribunal. 2.4 The Assessee preferred a writ petition before the Hon'ble High Court of Delhi, wherein, the Hon'ble High Court, vide order dated 04/09/2017, set aside the matter back to the file of the ITAT to decide the matter afresh having regard to the previous orders with respect to the compensation received as unpaid salary or leave with wages payable which has been surrendered by the employees. 2.5 Now, this set aside appeal is being taken up for hearing by this Bench as per the directions of the Hon'ble Delhi High Court. 3.0 At the outset, the Ld. Authorised Repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ited and, as such, the same also had direct nexus. In support, the Ld. AR also filed the ledger account as well as the chart indicating that in the preceding assessment year 2006-07, compensation income received by the assessee had been treated as profits derived from the undertaking. Reliance was placed on the judgment of the Hon'ble Apex Court in the case of CIT vs. Excel Industries Ltd reported in 358 ITR 285 wherein it was held that it is inappropriate to allow the reconsideration of an issue for a subsequent assessment year if the same "fundamental aspect" permeates in different assessment years and the Revenue cannot be allowed to flip-flop on the issue and it ought to let the matter rest. It was submitted that once the revenue has ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
