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TMI Blog2022 (2) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... erjee Pal, Adv. for the respondent ORDER The Court : This appeal filed by the revenue under Section 260A of the Income Tax Act, 1961 ('the Act' for brevity) is directed against the order dated 23rd November, 2016 passed by the Income Tax Appellate Tribunal A Bench, Kolkata (Tribunal) in ITA No. 2112/Kol/2013 for the assessment year 2006-07. The revenue has raised the following substantial questions of law for consideration : 1. Whether on the facts and in the circumstances of the case the Learned Tribunal has erred in law in allowing the deduction claimed by the assessee under Section 80IB of Income Tax Act, 1961 for an aggregate amount of ₹ 33,81,19,725/- instead of ₹ 30,21,88,063/- allowed by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding that it was not correctly apportioned ? ii) Whether on the facts and in the circumstances of the case the Learned Tribunal has erred in law in upholding the order of CIT (Appeal) in allowing deduction under Section 80IB of Income Tax Act, 1961 in respect of interest income of ₹ 57,93,000/- on sale of scrap by treating it as income derived from profits and gains of industrial undertaking? iii) Whether on the facts and in the circumstances of the case the Learned Tribunal has erred in law in deleting the addition of ₹ 38,07,778/- made by the Assessing Officer under Section 14A of the Income Tax Act, 1961 read with Rule 8D of the Income Tax Rules, 1962 by disregarding that there were borrowed capitals of ₹ 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h are in favour of the assessee and the Tribunal had followed the decision of this Court in the case of Reckitt Benckiser (India) Ltd. -vs- Additional Commissioner of Income Tax, Range -12, Kolkata, reported in [2015] 56 taxmann.com 415 (Calcutta) and granted relief to the assessee. We find that the revenue has not made out any ground to interfere with the said finding rendered by the Tribunal which is taken note of the correct legal position. With regard to the third substantial question of law, the Tribunal granted relief taking note of the decision in favour of the assessee by placing reliance in the case of Commissioner of Income Tax, Central-I, Calcutta -vs- Ashish Jhunjhunwala, reported in 2015(12) TMI 905. The said decision lays ..... X X X X Extracts X X X X X X X X Extracts X X X X
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