9911796707
TMI Blog2016 (6) TMI 524X X X X Extracts X X X X X X X X Extracts X X X X ..... an, JM This is an appeal by the Revenue against the order dated 15.07.2013 of CIT(A) Central-II, Kolkata, relating to AY 2008-09. 2. Grounds of appeal raised by the Revenue read as follows :- 1. That on the facts and in the circumstances of the case, the Ld. CIT(A) has erred in law and facts of the case in directing to include the amount of ₹ 60,36,888/- being interest from debtor in calculating deduction u/s 80IB of the Act, without appreciating that the income from interest is not an income directly connected to the industrial operation. 2. In doing so, the Ld. CIT(A) has erred in not appreciating the ratio of the decisions of the Hon ble Supreme Court in the case of CIT vs Sterling Foods reported in 237 ITR 579 and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 47/- instead of ₹ 3,96,63,935/- as claimed by the assessee. 4. Aggrieved by the order of AO assessee preferred appeal before CIT(A). CIT(A) found that the ITAT had allowed similar claim of the Assesee allowed the claim of the assessee in AY 2000-01 2001-02 by observing as follows :- 6. After hearing both the parties and going through the decisions cited by the assesee, we are of the considered view that the deductions of ₹ 10,96,258/- for A.Y. 2000-01, ₹ 27,92,269/- for A.Y. 2001-02 and .29,89,861/- for A.V. 2003-04 made out of the total income to calculate deduction u/s 80lB are not justified and no deduction should be made for calculation of deduction u/s 801B. In other words, deduction should be allowed after ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the year under appeal the AO was not justified in excluding the interest received from the trade debtors amounting to ₹ 60,36,888/- from the profit for the purpose of calculation of deduction u/s 801B of the Act. He is directed to include the interest received from the trade debtors. in the profit and allow the deduction u/s 80IB of the Act accordingly. The ground no. 1 is allowed. 6. Aggrieved by the order of CIT(A) the revenue has preferred the present appeal before this Tribunal. 7. At the time of hearing it was brought to our notice that identical issue in assessee s own case has come for consideration before the Tribunal for A.Y.2007-08 in ITA No.1754/Kol/2010 and the Tribunal vide its order dated 10.02.2012 was plea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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