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TMI Blog2015 (10) TMI 1629X X X X Extracts X X X X X X X X Extracts X X X X ..... e on facts. The hon'ble jurisdictional high court in the case of Harjivandas Juthabhai Zaveri's (1999 (12) TMI 5 - GUJARAT High Court) has treated identical income as eligible for section 80-IB deduction. The Revenue is not able to point out any distinction on facts - Decided in favour of assessee. - ITA No. 3173/Ahd/2011 - - - Dated:- 19-6-2015 - Pramod Kumar, AM And S. S. Godara, JM,JJ. For the Appellant : Shri Dinesh Singh, Sr.DR For the Respondent : Shri Parin Shah, AR ORDER Per Shri S S Godara Judicial Member Assessment Year:2007-08 This Revenue's appeal for assessment year 2007-08 arises from order of the Commissioner of Income Tax (Appeals)-Valsad dated 14-09-2011 holding assessee's income from exchan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT (A)'s order treating sundry balances written back amounting to ₹ 3,05,574/- as eligible for section 80 IB deduction. 6. The CIT (A)'s order discusses the Assessing Officer's observation, assessee's submissions and findings under challenge as under:- 6. Ground No.3 ; The Ld. AO has erred in considering sundry balances written back amounting to ₹ 3,05,574/- as not eligible for deduction u/s. 80-IB of the Act. 6.1 Observations of AO : While making the addition, AO observed that the sundry balances written off represents the amount of old creditors after the liability payable and carried forward to the year under consideration. He also observed that the amount in question was taken care of while avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6.3 DECISION ; I have considered the arguments advanced by the Id. AR of the appellant carefully. The AO is not justified in raising an a issue of fiction created u/s. 4:(1) of the Act and deprive of the benefit to the assessee. The total income to be determined for allowing the benefits u/s. 8o-IB and the deemed income u/s. 41(1) constitutes the total income. However, a precaution can be taken that such income is out of business income of the industrial units which is eligible for the benefits u/s. 8o-IB of the Act. In this case the Id. AR had demonstrated that the deemed income u/s. 41(1) constituted income from the industrial unit eligible for the benefits u/s. 80-IB. In view of above. I direct the AO to include the difference of su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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