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TMI Blog2021 (7) TMI 690X X X X Extracts X X X X X X X X Extracts X X X X ..... ction 80IA(5). Before us, no fallacy in the findings of CIT(A) has been pointed out by the Revenue. In such a situation, we find no reason to interfere with the order of CIT(A), thus the ground of Revenue is dismissed. Denial of claim u/s 80M - AO was of the view that since no distribution of dividend was made by the assessee, it was not eligible for deduction u/s 80M - HELD THAT:- We find that CIT(A) while deciding the issue in favour of the assessee has given a finding that out of the total amount of ₹ 5.09 crore (rounded off) was received by the assessee by way of dividend and ₹ 3.97 crore (rounded off) was distributed as dividend to its share holders by the assessee. To support the contention of the distribution of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... riginal return of income filed by the assessee on 27.11.2003 declaring total income at ₹ 1,14,29,476/- be treated as return filed in compliance with notice issued u/s 148 of the Act. Thereafter, assessment was framed u/s 147 of the Act vide order dated 01.11.2010 and the total income was determined at ₹ 5,11,63,951/-. 4. Aggrieved by the order of AO, assessee carried the matter before the CIT(A) who vide order dated 08.04.2011 in Appeal No.171/10-11 granted substantial relief to the assessee. Aggrieved by the order of CIT(A), Revenue preferred appeal before the Tribunal. The Co-ordinate Bench of Tribunal vide order dated 04.06.2018 in ITA No.3539/Del/2011, dismissed the appeal of Revenue. Thereafter, Revenue moved a Miscellan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5 units were eligible for deduction u/s 80IA/IB of the Act. During the year under consideration, profit u/s 80IA/IB of the Act was derived only from the unit VII at Kathua unit IX at Bhawani Mandi and assessee, following the provision of Section 80IA(5) of the Act, claimed the deduction u/s 80IA/IB for those two units. AO in the reassessment proceedings was of the view that assessee should have adjusted the losses of other units with the profits of the two units. The submission of the assessee that losses of the other units were not actual losses and have already been adjusted in the earlier year and therefore do not call for adjustment in the year under consideration, was not found acceptable to AO. AO thereafter disallowed the claim of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stained and that of the Revenue is rejected. 8. Aggrieved by the order of CIT(A), Revenue is now before us. 9. Before us, Learned DR supported the order of AO. 10. Learned AR on the other hand reiterated the submissions made before the lower authorities and supported the order of CIT(A). 11. We have heard the rival submissions and perused the materials on record. The issue in the present ground is with respect to denial of claim of deduction u/s 80IA/IB of the Act. CIT(A) while granting relief to the assessee has given a finding that during the relevant period, profits was derived from only 2 units and the computation of deduction u/s 80IA/IB has made as per the provisions of section 80IA(5) of the Act. 12. Before us, no f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s were confronted to the appellant nor the matter was discussed in her order. I find full justification in such submission of the Ld AO of the appellant and hence disallowance u/s 80M is not sustainable. 16. Aggrieved by the order of CIT(A), Revenue is now before us. 17. Before us, Learned DR supported the order of AO. 18. Learned AR on the other hand reiterated the submission made before the AO and CIT(A) and supported the order of CIT(A). 19. We have heard the rival submissions and perused the materials on record. The issue in the present ground is with respect to denial of claim of deduction u/s 80M of the Act. We find that CIT(A) while deciding the issue in favour of the assessee has given a finding that out of the total ..... X X X X Extracts X X X X X X X X Extracts X X X X
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