2017 (4) TMI 65

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..... a ORDER 1. Heard Sri Pradeep Agrawal, learned counsel for appellant and Sri Manish Misra, Advocate for respondents. 2. Both these appeals filed under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the "Act, 1961") have arisen from common judgment dated 11.08.2016 passed by Income Tax Appellate Tribunal, Lucknow Bench 'B', Lucknow (hereinafter referred to the "Tribunal .....

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..... ssessment years deduction under Section 80 IA of Act, 1961 was allowed. Subsequently, Assessing Authority took a view that return was of Nil income and, therefore, benefit of Section 80 IA was not admissible and issued notice under Section 154 of Act, 1961 stating that benefit of deduction under Section 80 IA has wrongly been given and passed final order excluding deduction under Section 80 IA. Ag .....

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..... ar's expenses, as discussed in para 5 above 27,52,274     (iii) Contribution to pension, as discussed in para 6 above 10,01,685         6,24,34,821       32,44,52,073 Less: Depreciation allowed   5,35,02,111       27,09,49,962 Less: Deduction u/s 80  IA   4,67,87,899     &nb .....

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..... preciation 2003­04 (­) Rs. 1,75,06,405/­   Taxable Income Rs. 1,25,22,079/­   7. When confronted, Sri Manish Misra, learned counsel for Revenue, could not dispute that these assessment orders cannot be said to be of Nil income. That be so, benefit of deduction under Section 80 IA was rightly granted. 8. Sri Misra, learned counsel for Revenue placed reliance on Supr .....

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..... d prejudice to Revenue, the proper course would have been to take recourse to the remedy available elsewhere, for example Section 263 but in clandestine manner the power of rectification cannot be exercised. 11. We, therefore, answer question in favour of Assessee and against Revenue. Appeals are allowed. Impugned judgment dated 11.08.2016 is hereby set aside.
Case laws, Decisions, Judgements .....

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