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Dcit Corporate Circle I(2), Chennai vs Wayne Burt Petrochemicals (P) Ltd., ... on 1 January, 2020 cites

The Commissioner Of Income Tax - I vs M/S. Heartland Kg Information Limited on 19 August, 2013

8. We heard the rival submissions and perused the material on record. In the earlier round of proceedings, the Tribunal had remanded the matter back to the file of the Assessing Officer for the purpose of verification, whether or not assessee is entitled for deduction u/s.10A of the Act. No other issue was alive before the Assessing Officer. The Assessing Officer had categorically held that the assessee is not eligible to claim deduction u/s.10A of the Act as the assessee had not complied with the conditions stipulated such as filing form No.56FF. However, the ld. CIT(A) placing reliance on the decision of Hon'ble Jurisdictional High Court in the case of Heartland K.G. Information Ltd (supra) had directed the Assessing Officer to allow the claim of deduction u/s.10B of the Act. The issue of allowability of claim u/s.10B of the Act is neither alive nor it is permissible, as it amounts to overruling the decision of the Tribunal, by CIT(Appeals). Thus, the ld. CIT(A) had seriously fell in error in directing the Assessing Officer to allow the claim for deduction of provision u/s.10B of the Act. Further, it is an admitted position that :- 6 -: ITA No.1661/2019 before making addition on account of Arm's Length Price adjustment u/s.92CA(3), there was be no profit available which can be claimed as deduction u/s.10B or 10A of the Act. The provisions of Sub Section (4) of Section 92CA of the Act specifically provides that addition made u/s.92CA(3) of the Act is not eligible profits for deduction neither u/s.10A nor u/s.10B of the Act. The ld. CIT(A) in the flagrant ignorance of the plain provisions of the Act allowed the claim for deduction u/s.10B of the Act. Therefore, we reverse the order of the ld. CIT(A) and allow the appeal filed by the Revenue.
Madras High Court Cites 14 - Cited by 19 - C Venkataraman - Full Document
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