9911796707
TMI Blog2017 (4) TMI 667X X X X Extracts X X X X X X X X Extracts X X X X ..... "Whether the ITAT is justified in law and facts in deleting the disallowance of deduction claimed by the assessee of Rs. 50,50,40,773/- under Section 80IA(4)? [2.0] The facts leading to present Tax Appeal in nutshell are as under; [2.1] The respondent - assessee filed the return of income for the Assessment Year 2011-12 declaring the total income at Rs. 12,61,95,420/-. The case of the assessee was selected for scrutiny. During the course of assessment proceedings, it was noticed that the assessee - company has claimed deduction of Rs. 51,98,73,810/- under Section 80IA(4) of the Income Tax Act, 1996 (hereinafter referred to as "the Act) on infrastructure development in respect of infrastructure facility provided at JNPT - Nava Sheva Port ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the impugned judgment and order has confirmed the order passed by the learned CIT(A) deleting the disallowance of deduction claimed by the assessee of Rs. 51,98,73,810/- under Section 80IA(4) of the Act. [2.4] Feeling aggrieved and dissatisfied with the impugned judgment and order passed by the learned tribunal, revenue has preferred the present Tax Appeal with the aforesaid proposed question of law. [3.0] We have heard Shri Pranav G. Desai, learned advocate appearing on behalf of the revenue. We have also perused the impugned judgment and order passed by the learned tribunal. The question is with respect to deduction claimed by the assessee under Section 80IA(4) of the Act in case of the income derived from the industrial undertaking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Circular No.10 of 2005 dated 16/12/2005 have specifically observed and held that looking to the facilities provided by Container Freight Stand, the Container Freight Stand is an Inland Port as it carries out functions of warehousing, customs clearance and transport of goods from its location to sea-port and vice versa by rail or by trucks in containers. [4.0] Under the circumstances, the learned tribunal has rightly deleted the disallowance of deduction claimed by the assessee under Section 80IA(4) of the Act. At this stage, it is required to be noted that with respect to the earlier orders the assessee has been granted the deduction under Section 80IA(4) of the Act pursuant to the order passed by the learned tribunal and the same has att ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
