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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 ..... nal) 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 Rs. 33,81,19,725/- instead of Rs. 30,21,88,063/- allowed by the Assessing Officer? 2. Whether on the facts and in the circumstances of the case the Learned Tribunal has erred in law in rejecting the methodology of deduction under Section 80IB of Income Tax Act, 1961 computed by the Assessing Officer? 3. Whether on the facts and in the circumstances of the case conclusion ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome 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 Rs. 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 Rs. 78.05 crores and investments out of such borrowed funds were also made in making investments that yielded exempt income? We have heard Mr. P. K. Bhowmik, learned standing Counsel assisted by Mr. Madhu Jana, learned junior standing counsel appearing for the appellant/revenue and Mr. J.P. Khaitan, learned Senior Counsel assisted by Mrs. Nilanjana Banerjee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng 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 down the correct legal principle. Therefore, there is no error in the order passed by the Tribunal. In the result, the appeal fails and the same stands dismissed. The substantial questions of law are answered against the revenue. The connected application also stands dismissed." Thus, following the above decision of the assessee's own case, this appeal filed b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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