9911796707
TMI Blog2012 (7) TMI 185X X X X Extracts X X X X X X X X Extracts X X X X ..... me - remit the case to the file of AO on this point to first give a finding on the nature of misc. income and allow it accordingly as per law - partly in favour of assessee. - I.T.A. No.1256/Del/2012 - - - Dated:- 15-6-2012 - SHRI R.P. TOLANI, AND SHRI T.S. KAPOOR, JJ. Appellant by : Shri G.C. Srivastava, Advocate. Respondent by : Smt. Anusha Khurana Sr,DR. ORDER PER TS KAPOOR, AM: This is an appeal filed by the assessee against the order passed by Assistant Commissioner of Income-Tax, Circle-12 (1), New Delhi u/s 143(3) read with section 144C of the Income Tax Act, 1961. The grounds of appeals are as under:- Based on the facts and the circumstances of the case, the Appellant respectfully submits the follo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 27,28,077/- from the profits of business of the undertaking while computing deduction under section 10 A of the Act without understanding the facts of the case. 3.1 That on the facts and circumstances of the case, the Hon'ble DRP has erred in confirming and accordingly, the Learned AO has erred in understanding that the miscellaneous income should be included in 'profits of business of the undertaking" as it is inextricably linked to the business of the undertaking. 3.2 That on the facts and circumstances of the case, the Hon'ble DRP has erred in confirming and accordingly, the Learned AO has erred in understanding that the profit on disposal of assets had already been excluded from the profits of the business of the undertaking w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion to assessment order proposed to be passed by the Assessing Officer u/s 143(3) of the Act. The assessee filed its objections to the draft order before ld Dispute Resolution Panel-I (for short DRP-I), New Delhi. The Ld DRP-I consequent to filing of objections gave directions to the Assessing Officer to complete the assessment proceedings. While framing the assessment, the Assessing Officer for the purpose of calculation of exempt profit u/s 10A of the Act excluded the following income:- 1) Interest on fixed deposit. Rs. 3,32,611/- 2) Profit on disposal of assets. Rs. 27,28,077/- 3) Misc. Income. Rs. 9,35,639/- 3. The assessee has filed appeal before this Tribunal against the exclusion for the purpose of calculation of exemp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of direction of DRP. 6. We have heard the rival submissions of both the parties and have gone through the material available on record. Regarding profit on disposal of assets and interest on bank deposit, we find from the computation of income that these incomes were already reduced by assessee for calculation of exempt income, therefore, these cannot be reduced again. Regarding misc. income of Rs. 9,35,639/- we have observed that Assessing Officer had not given any finding about the nature of income credited under the head misc. income. The inclusion or exclusion of misc. income in the exempt income u/s 10A will depend upon the nature of misc. income. For example if the misc. income is comprised of any income which could ha ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
