9911796707
TMI Blog2013 (12) TMI 824X X X X Extracts X X X X X X X X Extracts X X X X ..... as been passed without considering the appellants contentions. It is capricious in nature and has been made ignoring the genuine facts with an intention to punish the appellant, and should be quashed and annulled. GROUND NO. 2 The Hon, CIT (Appeals) erred in confirming the following additions to the total income of the appellant, by the learned ACIT , which must be deleted, being contrary to the facts of the case and the underlying provisions of the law :- Rs. i) Disallowance u/s. 1 4A 9, 93, 999. 00 ii) Disallowance of 1OA deduction 46, 90, 694. 00 GROUND NO. 3 The Hon. CIT (Appeals) erred in confirming the deduction which was erroneously calculated by the learned ACIT u/s. 10A on page no. 6 of the assessment order. The co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ad delivered in the case of Goldmine Share & Investment Pvt. Ltd. it was held that deduction u/s. 80IA would be computed with respect to profits of the eligible unit unaffected by the loss suffered in the other units, that 10A profit was to be adjusted against the notional loss of the earlier years, that no deduction under the said section was allowable to the assessee. AO further noticed that assessee had apportioned common expenses against the 10A unit on the basis of area used, that it had not apportioned managerial remuneration against the 10A unit. AO was of the opinion that expenses should have been apportioned on the basis of turn-over. He recalculated the claim deductible u/s. 10A in respect of other income and finally held that all ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A. 2. 3. We have heard the rival submissions and perused the material before us. We find that while deciding the issue u/s. 10B of the Act, Hon'ble High Court of Bombay in the case of Galaxy Surfactants Ltd. (supra)has decided the issue that favours the stand taken by the assessee. In our opinion, both the sections;section 10A and 10B;have to be analysed in the same manner. AO/FAA did not have the benefit of the judgment of the Hon'ble jurisdictional High Court. Therefore, in the interest of justice, matter is restored back to the file of the AO to decide the issue afresh in light of the above referred decision of the Hon'ble High Court. He is directed to afford a reasonable opportunity of hearing to the assessee. While finalising the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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