TMI Blog2024 (4) TMI 139X X X X Extracts X X X X X X X X Extracts X X X X ..... no force in the contention of ld. DR that the AO may have examined the question of eligibility, but, not the quantum. The two aspects supplement each other. PCIT has concluded the fact of assessment order being passed without due diligence on the basis that although the assessee had furnished balance sheet, Profit Loss Account and Form No.10CCB, the AO had not enquired from the assessee to comply with the queries raised in this regard. Certainly, the assessment order is silent on some aspects, but, at the same time, the PCIT before whom the assessee had given a detailed explanation of the income from two units and how they were reported in the financials and other relevant evidences available in assessment record have not been examined to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was put to notice as follows:- 2.1 In your case assessment order was passed on 09/12/2019 as per the provisions of section 143 (3) of the Income Tax Act at returned income of Rs. 4,99,58,100/-. On going through the assessment record, it is found that in your case, you had claimed deduction of Rs. 2,18,04,518/- u/s 80IC in the ITR. This deduction amount had been claimed by you in accordance with the Profits and gains of Rs. 8,72,18,074/- declared in Form 10CCB. However, the net profit as per P L account and computation of income declared by you in your ITR stood at Rs. 7,17,62,614/-. 2.2 Further, the commission income of Rs. 29,40,397/-, interest on FDR of Rs. 69,329/- and interest on security of Rs. 32,770/- totalling to Rs. 30,42 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o show cause as to why the assessment order dated 09.12.2019 for AY 2017-18 should not be revised u/s 263 of the Income Tax Act, 1961. 3. The assessee responded to the same submitting that the assessee had derived income from two units and the income from the eligible unit established on 16.03.2010 was basis of claim of deduction u/s 80IC. Further, it was submitted that all issues are duly examined by the AO by issuing various notices. However, the ld.CIT(A) was not satisfied and found the order to be erroneous and prejudicial to the interest of Revenue on account of non-examination of the genuineness of the sundry creditors and allowing 80IC deductions. The assessee is in appeal before us raising the following grounds:- 1. That having rega ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ircumstances of the case is barred by limitation. 5. That the appellant craves the leave to add, amend, modify, delete any of the grounds of appeal before or at the time of hearing and all the above grounds are without prejudice to each other. 4. Heard and perused the record. The ld. AR primarily referring to the paper book filed has supported the claim of the assessee as was put up before the ld. PCIT in regard to deduction u/s 80IC while in regard to the second issue, he pointed out that in the effect giving order u/s 143(3)/263 of the Act, no addition was made. 5. The ld. DR, however, submitted that the ld.PCIT has rightly exercised the powers. His contention was that ld.AO has merely examined the eligibility aspect of section 80IC and n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2019. 2. Regarding expenses debited in P L A/c they are fully supported with the proper bills and vouchers and the same will be produced alongwith the ledger accounts at the time of manual hearing as desired at point no. 1. 3. Copies of all bank statement are attached herewith. 4. Details of the sundry creditors in the desired format are attached herewith. 5. Deduction is claimed u/s 80IC (2) (b)(ii) and audit report for the same is enclosed herewith. Deduction u/s 80IC (2)(b)(ii) is being claimed since AY 2010-11. The firm is entitled for deduction u/s 80IC (2)(b)(ii) as all the conditions for claiming exemptions are complied with. 9. A screenshot of the documents uploaded on ITBA portal is also provided at page 28 of the paper book. Then, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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