9911796707
TMI Blog2011 (7) TMI 1278X X X X Extracts X X X X X X X X Extracts X X X X ..... s issue has been set aside by this Tribunal in the immediately preceding assessment years 2000-01, 2001-02, 2002-03 and 2003-04. In some of the assessment years the matter is still pending with the AO. In this assessment year also the peculiar facts of this issue are that the old loans has already been re-paid and fresh loans has been granted to M/s. Haldia Petro Chemical Limited. Therefore the AO should give a fresh look while deciding this issue based on the peculiar facts. 4. On the other hand, the ld. DR appearing on behalf of the Revenue has not objected to the request of the ld. AR. 5. Having heard the rival submissions and on careful perusal of the material available on record, keeping in view of the fact that the Tribunal has set ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on record and the case laws cited by the ld. Counsel for the assessee this Tribunal has decided the issue in favour of the assessee vide ITA No.89/Kol/2007 cited supra by observing as under :- "17. We have heard the rival submissions, perused the material available on record and the case laws cited by the Ld. Counsel for the assessee. We find that the facts are not in dispute. We, therefore, find merit in the plea of Ld. Counsel for the assessee that the Tribunal, Kolkata in the case of DCIT -vs- Chloride Industries Ltd. (supra) has deleted the addition by observing as under :- "The Commissioner (Appeals) had deleted the said addition by following the Tribunal's order in the case of DCIT v.APE Elliss India Ltd(it Appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee submitted that during the course of assessment proceedings the assessee vide letter dated 25th August, 2008 along with Auditors certificate in Form No.10CCB claimed deduction u/s 80IC of the Act. The AO as well as the ld. CIT(A) rejected the claim of the assessee by relying on the judgement of the Hon'ble Supreme Court in the case of Goetze(India) Limited vs CIT 284 ITR 323 (SC) on the pretext that claim of deduction u/s 80IC has been made by the appellant during the course of assessment proceedings and not in the return of income filed. He submitted that this Tribunal in the case of Universal Cables Limited vs ACIT in ITA no.534/Kol/2008 and ITA NO.458/Kol/2008 and 459/Kol/2008 dated 22.05.2008 has allowed fresh claim of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer to entertain a claim for deduction otherwise than by filing a revised return. in the circumstances of the case, we dismiss the civil appeal. However, we make it clear that the issue in this case is limited to the power of the assessing authority and does not impinge on the power of the income-tax Appellate Tribunal under section 254 of the Income Tax Act, 1961. There shall be no order as to costs. From the above, it is evident that the Hon'ble Apex Court itself has clarified that the above decision is not with regard to the power of the Appellate Authorities. Therefore, the earlier decision of Hon'ble Apex Court in the case of National Thermal Power Co. Ltd. (Supra) which deals with powers of appellate authori ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ground. The same continues to be governed by the decision of Hon hIe Apex Court in the case of Jute Corporation of India Ltd. (Supra) and National Thermal Power Co. Ltd. (Supra). Respectfully following the same, we hold that the Ld. CIT(A) had rightly entertained the ground raised by the assessee for the first time before him. We. therefore, reject the additional ground raised by the revenue." 13.1. In view of the above Tribunal decision we are of the view that the ld. CIT(A) is not justified to decline the claim of deduction u/s 80IC of the IT Act. Therefore we set aside the orders of the ld. CIT(A) on this issue and restore the matter to the file of the AO to decide the same afresh as per law after giving a reasonable opportunity o ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
