Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding


  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram

TMI Blog

Home

2016 (9) TMI 1524

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 deduction under section 80IA(4)(iii) conditions provided therein are to be complied with, i.e. condition precedent for claiming deduction is that the industrial park of the assessee has to be notified by the Central Government. Application to the Central Government for notification of assessee s industrial undertaking ipso facto does not entitle the assessee to claim the deduction under section 80IA(4)(iii). Presumption of the assessee that mere .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... /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. Main grievance of the assessee in the above three grounds is against non-allowance of deduction under section 80IA(4)(iii) of the Income Tax Act, 1961. We would take brief facts relevant for the consideration of this issue, from the material available on record. 4. Assessee is a firm engaged in development of industr .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ly, 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 deduction under section 80IA(4)(iii) of the Act. The AO, while rejecting the claim of the assessee has recorded reasons in the assessment order. It reads as under: .From the submission of the assessee, it was noticed that the assessee has only made application to the Under Secretary to the Govt. of .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... dertaking 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 available on record and the pleadings of the assessee before the lower authorities. We do not find any reason to interfere in the concurrent finding of the Revenue authorities on the claim of the assessee under section 80IA(4) .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... 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 under section 80IA(4)(iii) of the Act conditions provided therein are to be complied with, i.e. condition precedent for claiming deduction is that the industrial park of the assessee has to be notif .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

 

 

 

 

Quick Updates:Latest Updates