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TMI Blog2014 (2) TMI 946X X X X Extracts X X X X X X X X Extracts X X X X ..... al Policy & Promotion and intimated to both transferor and transferee vide Ministry's letters dated 9th August, 2006 and 3rd August, 2007 – thus, the assessee is entitled for deduction u/s. 80IA(4)(iii) of the Act for the unexpired period during which the transferor enterprise would have been entitled for deduction if the transfer had not taken place – but, M/s. Meenakshi Infrastructure Pvt. Ltd., cannot claim deduction u/s. 80IA(4) on the same income - There cannot be overlapping claim by each other. The AO straightaway disallowed the claim of deduction u/s. 80IA(4) and not gone into the quantification of deduction, such as whether computation is proper or not – thus, the matter remitted back to the AO for fresh adjudication of computat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , and whether, the AO was correct in treating the same as income from House Property, as the said character of the transaction would not change on account of certain incidental expenses which may have been incurred I provided for by the assessee-firm to meet the specific requirements of the tenants. 5. Whether the CIT(A) was correct in fact and in law in adjudicating that the other ground(s) raised by the appellant as regards the carry forward of losses, allowance of depreciation against incomes eligible for deduction u/s. 80IA etc, examined them at all. Before allowing such deduction, the AO is required to examine the eligibility and fulfilling of the conditions intrinsic to claiming such an exemption. Therefore, .on this matter, the ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Meenakshi Infrastructure (P) Ltd., during A.Ys. 2006-07 and 2007-08 and let out the premises to various organisations such as Tata Consultancy Services Ltd., Cognizant Technology Solutions India (P) Ltd., DMV Business and Market Research (P) Ltd etc. and received the following rents and maintenance charges for the asst. years under consideration. A.Y. Rents Received (Rs.) Maintenance charges (Rs.) 2008-09 14,32,92,997 8,24,760 2009-10 14,43,81,311 32,99,040 2010-11 15,69,90,286 32,99,040 7. The assessee computed the income under the head "income from business profession", and for the years under reference, the following net losses were arriv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... titled for deduction u/s. 80IA for the unexpired portion of tax holiday. (iii) After careful consideration of the above submissions of the assessee, it is found that they are not acceptable for the following reasons: (i) as per scheduler system of taxation, a specific head of charge is provided for 'income from house property'. The annual value of house property cannot be brought to tax under any other head of income. The income has to be assessed under the head 'house property' even if the assessee is engaged in the business of letting out of property on rent and even if the property is held as stock in trade by the assessee. (ii) On perusal of Profit Loss account, is found that the assessee derived rental income and maintenance ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g.) (d) Harvinderpal Mehta HUF vs. ACIT, 122 TTJ (Mum) 163. (e) Mahindra Gesco Developers Ltd., ITA No. 3404/Mum/06 (Mum) (f) Krishna Land Developers Pvt. Ltd. vs. DCIT, ITA No. 1057/Mum/10. (Mum) (g) Krishna Land Developers Pvt. Ltd. vs. DCIT, ITA No. 5045/Mum/11. (Mum) (h) Information Technology Park vs. ITO, ITA Nos. 1147 to 1152/Bang/2010. (Bang) (i) M/s. Kentorn Leisure Services P. Ltd. vs. DCIT, ITA No. 171/Coch/2009 ITA No. 291/Coch/2010 (Cochin) (j) RR Industries vs. ITO, 356 ITR 97 (Mad) (k) Mohiddin Hotels, 284 ITR 229 (Bom) (l) Jesco Corporation Ltd., 31 SOT 32 (Mum) (m) Saptarshi Services, 265 ITR 379 (Guj) (n) ACIT vs. Annapurna Builders,, ITA No. 1177/Hyd/2011 (Hyd) (o) Janapriya Engineers vs. DCIT, ITA No. 125 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rnment, local authority or statutory body, the provisions of this section shall apply to the transferee enterprise as if it were the enterprise to which this clause applies and the deduction from profits and gains would be available to such transferee enterprise for the unexpired period during which the transferor enterprise would have been entitled to the deduction, if the transfer had not taken place. 14. As seen from the above proviso to section 80IA(4)(i)(c) when the infrastructure facilities are transferred by one assessee to another assessee and if the other assessee i.e., transferee, operates and maintains the infrastructure facilities in accordance with the scheme of Central Government/State Government/Local Authority, then the in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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