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2016 (9) TMI 1524

..... ction 80IA(4)(iii) - HELD THAT:- Condition precedent for claiming deduction under section 80IA(4)(iii) is that the unit should be notified by the Central Government in accordance with the scheme of the Act. Admittedly, assessee had applied for notification of its industrial park, but CBDT vide letter dater dated 13.5.2014 has rejected application of the assessee. Therefore, claim of the assessee is not maintainable. This aspect has been considered by both the authorities below and rightly rejected the claim of deduction. Revenue authorities have rightly denied the claim of the assessee, which we uphold, and reject grounds of the appeal of the assessee. Charging of interest u/s 234B - HELD THAT:- Assessee is very much aware that for claiming .....

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..... e of Deduction u/s. 80IA(4)(iii) of the Act of ₹ 59,22,000/-erroneously disallowed by I.T.O. 2. Your Appellant having satisfied all conditions necessary for claim of Deduction u/s. 80 IA(4)(iii) and he having given full information and proof thereof to the A.O., the Ld. CIT (A) ought to have granted relief of deduction of ₹ 59,22,530/- u/s. 80IA (4)(iii). 3. It is further submitted that notification of Industrial Park by CBDT is only a formality and the application being pending from 18-10-2007 under Industrial Park Scheme, 2008 the Appellant will be eligible for the relief / Deduction from the said date and therefore, it is submitted that the Ld. CIT (A) ought to have given deduction of ₹ 59,22,530/-u/s. 80IA (4) (iii). 3 .....

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..... isallowed the impugned claim of the assessee, mainly on the ground that in order to avail tax benefit under the Act, undertaking and/or the industrial park have to be notified by the Central Board of Direct Taxes under section 80IB of the Act which has not been granted to it by the CBDT till the date. The AO, accordingly, disallowed the claim of the assessee, and assessed total income of the assesee at ₹ 59,22,530/- instead of NIL returned by the assessee. 5. Dissatisfied with the action of the AO, the assessee went in first appeal, where the ld.CIT(A) also found that the claim of the assessee cannot be entertained as the industrial park constructed by the assessee was not notified by the CBDT, which is prerequisite for claiming the d .....

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..... ts under the Act will be available only to the undertaking notified by the Central Government and not to any other person who may subsequently develop, develops and operates or maintains and operates the notified industrial park, for any reason. [5] The undertaking must keep separate books of account for the industrial park and must file its income-tax returns by the due date to the Income-tax Department. [6] The undertaking shall electronically furnish an annual report to the Central Board of Direct Taxes in Form No.IPS-11. 6. Before us, the ld.counsel for the assessee reiterated the submissions made before the Revenue authorities, whereas, the ld.DR relied upon the orders of the AO and the ld.CIT(A). 7. We have gone through the material a .....

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..... y the assessee in the paper at page no.7 of the paper book. Therefore, we are of the view that the Revenue authorities have rightly denied the claim of the assessee, which we uphold, and reject grounds of the appeal of the assessee. 8. The assessee has also raised additional grounds with regard to charging of interest under section 234B of the Income Tax Act. In support of its claim, the ld.counsel for the assessee relied on some judgments of the Hon ble High Courts. 9. We have gone through the case laws relied on by the assessee. We find that case laws cited by the assessee are of no help to the assessee, as the facts therein are distinguishable. Inasmuch as, in the present case, the assessee is very much aware that for claiming deduction .....

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