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TMI Blog2018 (9) TMI 955X X X X Extracts X X X X X X X X Extracts X X X X ..... of allowability of the claim under section 10AA of the Act. Hence in view of the earlier order of this Tribunal, we set aside the matter to the record of the AO for readjudication of the same after considering the additional evidence filed by the assessee and in the light of the various decisions on the issue.- Decided in favour of assessee for statistical purposes. - ITA No. 804/JP/2018 - - - Dated:- 10-9-2018 - Shri Vijay Pal Rao, JM AND Shri Vikram Singh Yadav, AM For the Assessee : Shri Rajeev Sogani (CA) For the Revenue : Shri J.C. Kulhari (JCIT) ORDER PER VIJAY PAL RAO, JM : This appeal by the assessee is directed against the order dated 10th January, 2018 of ld. CIT (A)-2, Jaipur for the assessment ye ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he decision in the case of M/s. GMG Engineering Industries vs. M/s. Issa Green Power Solution in Civil Appeal No. 4473/2015. 3. On the other hand, the ld. D/R has objected to the condonation of delay and submitted that the reasons explained by the assessee are vague and are not sufficient to explain the cause of delay. 4. Having considered the rival submissions as well as the relevant material on record, we note that the assessee has explained the delay of 52 days in filing the appeal due to the reason that before the expiry of limitation of filing the appeal against the impugned order of the ld. CIT (A), the Tribunal for the assessment years 2010-11 and 11-12 decided the same issue in favour of the assessee vide order dated 4th April ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Bank wherein there was a condition of margin security in the shape of FDR equivalent to 15% of the exports and thus the ld. A/R has submitted that when the fixed deposits were made for the purpose of working capital and assessee is a 100% EOU then the interest on said FDR is eligible for deduction under section 10AA of the Act. The ld. A/R has filed an application under Rule 29 of the ITAT Rules, 1963 for admission of additional evidence and submitted that the additional evidence sought to be filed by the assessee is the sanction letter of the bank granting the credit limit for working capital against the condition of making FDR equivalent to 15% of the exports. He has further pointed out that for the assessment years 2010-11 and 11- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... an and working capital credit limit to the assessee. The said sanction of loan is subject to the condition that the assessee should make FDR equivalent to 15% of the cash generated by the assessee. An identical issue was considered by the Coordinate Bench of this Tribunal in the assessee s own case for the assessment years 2010-11 and 11-12 vide order dated 04.04.2018 in ITA Nos. 696/JP/2014 and 702/JP/2016 in para 5.4 as under :- 5.4 We have heard the rival contentions and perused the materials available on record. It is noted that the AO during the course of assessment proceeding made the addition of ₹ 4,33,429/- by disallowing exemption u/s 10AA of the Act on account of interest on FDR by observing as under:- 4.2 The na ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee has filed the additional evidence praying that it is a vital matter of the issue in question which goes to the root of the matter. It is also noted that this additional evidence was not produced before the lower authorities. Looking to the present facts and circumstances of the case, it will be in the interest of equity and justice to restore the issue in question to the file of the AO to decide it afresh taking into consideration the additional evidence (supra) and decide the issue by providing adequate opportunity of being heard to the assessee. Thus Ground No. 3 of the assessee is allowed for Statistical purposes. Thus the Tribunal after considering the identical finding of the AO for the earlier assessment years has remi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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