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TMI Blog2020 (4) TMI 481X X X X Extracts X X X X X X X X Extracts X X X X ..... ineers are eligible for deduction u/s 80JJAA of the Act . Hence the first reasoning given by the AO shall fail. With regard to the second reasoning, as per the submission made by the learned AR, there appears to be some confusion with regard to facts relating to the deduction u/s 80JJAA of the Act claimed by the assessee. The assessee has also furnished certain additional evidences to substantiate its claim. Under the set of facts, we are of the view that this issue requires fresh examination at the end of the Assessing Officer. Accordingly, we set aside the order passed by the learned CIT(A) on this issue and restore the same to the file of the Assessing Officer for examining it afresh. Disallowance u/s 14A - HELD THAT:- We find f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... avail the claim of deduction of net amount of loss, in any, arising on account of marked to market valuation of those items at the year end. Since this aspect has not been examined by the Assessing Officer, we deem it appropriate to restore the same to the file of the Assessing Officer for examining it afresh. The order of Ld CIT(A) passed on this issue is accordingly set aside. - ITA No.2175/Bang/2018 - - - Dated:- 6-2-2020 - Shri B.R.Baskaran, AM And Shri Pavan Kumar Gadale, JM For the Appellant : Sri.Ankur Pai, Advocate For the Respondent : Sri.Vilas S.Shinde, CIT-DR ORDER PER B.R.BASKARAN, AM : This appeal filed by the assessee is directed against the order dated 09.02.2018 passed by the learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Act was claimed in respect of other unit (non-10AA unit), which is not claiming deduction u/s 10AA of the Act. The learned AR submitted that the Tax Authorities have misunderstood this factual aspect and hence the second reason mentioned by the A.O. above will not survive. The learned AR further submitted that the assessee has furnished details of employees against whom deduction u/s 80JJAA of the Act was claimed by way of additional evidences in order to show that the deduction was claimed in respect of non-10AA unit. 5. With regard to the view taken by the Assessing Officer that the employees working in software unit cannot be treated as workmen as envisaged under the Act, the learned AR placed reliance on the decision ren ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be some confusion with regard to facts relating to the deduction u/s 80JJAA of the Act claimed by the assessee. The assessee has also furnished certain additional evidences to substantiate its claim. Under the set of facts, we are of the view that this issue requires fresh examination at the end of the Assessing Officer. Accordingly, we set aside the order passed by the learned CIT(A) on this issue and restore the same to the file of the Assessing Officer for examining it afresh. 7. The next issue relates to disallowance made u/s 14A of the Act. The learned AR submitted that the assessee has earned dividend income of ₹ 52,564 and has disallowed a sum of ₹ 5,094 u/s 14A of the Act. The Assessing Officer, however, comput ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rned CIT(A) also confirmed the same. 11. Before us the learned AR placed reliance on the decision rendered by the co-ordinate Bench in the case of Quality Engineering Software Technologies (P.) Ltd. v. DCIT [(2014) 52 taxmann.com 515 (Bangalore Trib.)] that the provisions for losses incurred on derivatives contracts was an eligible expenditure. 12. We heard the learned DR on this issue and perused the record. When a specific query was put to the learned AR as to whether the assessee has revalued all foreign exchange derivatives, trade receivables and trade payables in respect of import and export activities, the learned AR submitted that the matter may be restored to the file of the Assessing Officer for examining the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X
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