TMI Blog2021 (4) TMI 612X X X X Extracts X X X X X X X X Extracts X X X X ..... escapement of tax because of the fact of the deduction available to the petitioner under Section 80IA. It is to be noted that this was the last year of deduction that was available to the petitioner out of the ten consecutive years that is available. As the reassessment proceeding is based on the fact that there was an escapement of tax, this issue was required to be answered and taken care of by the Commissioner of Income Tax. This not having been done, the impugned order is quashed and set aside with a direction upon the Officer to pass a further reasoned order after granting an opportunity of hearing to the petitioner. The Commissioner of Income Tax is specifically directed to deal with all points including the point in relation to e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... opment of roads/highways, he is entitled to recover cost incurred by him towards development of such facility (comprising of construction cost and other pre-operative expenses) during the construction period. Further, expenditure incurred by the assessee on such BOT projects brings to it an enduring benefit in the form of right to collect the roll during the period of the agreement. Hon'ble Supreme Court in the case of Madras Industrial Investment Corporation Ltd. Vs. CIT in 225 ITR 802 allowed spreading over of liability over a number of years on the ground that there was continuing benefit to the company over a period. Therefore, analogously, expenditure incurred on an infrastructure project for development of roads/highways under BOT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nditure under the relevant provisions of the Income-Tax Act, 1961 ('Act'). Mr. Dutta, learned Senior Counsel submits that since this infrastructure facilities run by the assessee does not have any right for collecting toll, this circular is not applicable to the assessee. Mr. Dutta. Learned Senior Counsel further relies on the impugned order and submits that all the objections of the petitioner have been taken care of. Upon perusal of the document, I find that the impugned order does not address the issue in relation to the tax neutrality because of the fact that the assessee was eligible for deduction under Section 80IA. All other issues raised by the petitioner have been dealt with. Whether the same have been dealt with ..... X X X X Extracts X X X X X X X X Extracts X X X X
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