9911796707
TMI Blog2020 (6) TMI 582X X X X Extracts X X X X X X X X Extracts X X X X ..... t of unabsorbed investment allowance amounting to Rs. 4,18,31,075/-. Briefly in the facts of the case, the present appeal is the second round of proceedings before the Tribunal in which the assessee had made the claim on account of adjustment of unabsorbed investment allowance of Rs. 4,18,31,075/-. The Assessing Officer in the first round disallowed the said claim which is confirmed by the CIT(A). The Tribunal, however, remitted the matter back to the file of the Assessing Officer, which reads as under:- "......We therefore direct the Assessing Officer to allow the benefit of unabsorbed investment allowance of erstwhile Flow more Polysters Ltd. in terms of section 32A(6) of the Act and if the conditions specified in section 32A(6) are com ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Flowmore filed with yourself alongwith the above response, your goodself will agree that after examining the requirement of section 32A(4) only AO must have allowed the investment Allowance." 5. The Assessing Officer however disallowed the claim of the assessee as under:- "The involved issue and the reply/ details filed by the assessee have been considered. The reply filed and details made available by the assessee were found not sufficient to conclude that the various conditions as specified in section 32A(6) and the sections 32A(4), 32A(3) as referred in section 32A(6) are fulfilled in this case. The assessee was asked vide letter dated 10/05/2010 to prove as to how each of those conditions are complied with. The assessee was also a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hich he failed to do so. The CIT(A) deliberated upon the issue in para 10 and held that the AO had failed to examine the issue properly and had relied on the provisions of section 72A of the Act and not the provisions of section 32A(6)of the Act. The CIT(A)allowed the claim of the assessee against which the Revenue is in appeal. 7. Mr. Saras Kumar, Sr. DR appeared for the Revenue and Mr. Satyan Sethi & Mr. A.T. Panda, Advocates appeared for the assessee and put forwarded their contentions. 8. We have heard the rival contentions and perused the orders of the authorities below. 9. The limited issue which arises in the present case is the allowance of claim of the assessee of unabsorbed investment allowance of Rs. 4,18,31,075/-. In view of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d sufficient and necessary details/documentary evidences, it is not possible to ascertain whether conditions specified on this behalf are fulfilled or not. Accordingly, the claim made by the assessee is not being allowed. However, it may be r mentioned that as and when the assessee makes proper compliance, the issue will be examined. in accordance with the direction of the Hon'ble ITAT and relief will be allowed accordingly." I fail to understand under which section of the Act, the AO was going to examine the issue after completion of the assessment!! During the appellate proceedings, the AO was given opportunity to offer his comments whether the condition for investment allowance are fulfilled. I am surprised to note that the AO (th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
