9911796707
TMI Blog2014 (8) TMI 73X X X X Extracts X X X X X X X X Extracts X X X X ..... Income Tax Appellate Tribunal was right in holding that the assessee is entitled for deduction under Section 80IA?" 2. The respondent/assessee is a Private Limited Company engaged in the business of inland storage facility operation at various ports. For the assessment years 2006-07 and 2009-10, the assessee filed return of income claiming deduction under Section 80IA of the Income Tax Act. The assessee had opted assessment year 2000-01 as initial assessment year for claiming benefit under Section 80IA of the Income Tax Act. As per Section 80IA, the assessee was required to transfer the infrastructure facility to the Central Government, State Government or such other statutory body within the period stipulated in the agreement. The Assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... structure facility and the assessee has an obligation to transfer the facility to the Port Trust Authorities on such compensation as may be determined by the Authorities. 5. As against the order of the Income Tax Appellate Tribunal, the Revenue has preferred the above Tax Case (Appeals) raising the above-mentioned substantial question of law. 6. Heard learned Standing Counsel appearing for the appellant and perused the materials placed before this Court. 7. A perusal of the order of the Tribunal shows that the assessee had complied with the provisions of Section 80IA(4) of the Income Tax Act in the initial assessment year i.e., 2000-01 as well as for the assessment years 2006-07 and 2009-10. We find no error in the order of the Tribunal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng Officer at the relevant point of time had accepted the plea of the assessee and the benefit was extended from 2000-01 onwards. The assessment years in dispute are 2006-07 and 2009-10. We find that Circular No.793 dated 23.6.2000 and the subsequent amendment made to Section 80IA with effect from 1.4.2002 will have no effect in so far as the present assessee is concerned as there is no specific provision for making the amendment made applicable retrospectively to the respondent/assessee. 9. It is not disputed by the Department that the initial claim made by assessee after complying with the provisions of Section 80IA(4)(b) of the Income Tax Act for the assessment year 2000-01, was allowed by the Assessing Officer. The Circular No.793 date ..... X X X X Extracts X X X X X X X X Extracts X X X X
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