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TMI Blog2022 (4) TMI 243X X X X Extracts X X X X X X X X Extracts X X X X ..... e 6th year and 2012-13 will be the 7th year. Accordingly, we direct the Assessing Officer to consider the initial year as 2006-07 and the assessment years under consideration i.e. 2011-12 and 2012-13 shall be 6th and 7th year respectively for the purpose of allowing deduction under Section 80 IC. Deduction u/s 80 IC on AMC charges, duty draw back, interest on FDRs, other interest and interest on refund - HELD THAT:- On perusal of the order of the Tribunal in assessee s own case for assessment years 2006-07 and 2007-08, we find that the Tribunal held that AMC charges is income derived from business of the assessee entitled for deduction u/s 80 IC - We direct the AO to allow deduction under Section 80 IC in respect of AMC charges receive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion initial assessment year was not 2006-2007 and also could not be assessment year 2006-2007 in any circumstances. 3. Ground Nos. 1 (a), (b) and (d) relates to deduction under Section 80 IC of the Income Tax Act, 1961 (the Act) i.e. whether assessment year 2005-06 is the initial assessment year or 2006-07 is the initial assessment year was in question for the purposes of allowing deduction under Section 80 IC of the Act. 4. The ld. Counsel for the assessee, at the outset, submits that the Tribunal while disposing of the appeal for the assessment year 2010-11 in ITA. No. 3877 (Del) of 2015 dated 20.02.2019 held that the initial year for claiming benefit under Section 80 IC of the Act is 2006-07 and assessment year 2010-11 is the 5th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both these appeals, is with respect to deduction under Section 80 IC of the Act on AMC charges, duty draw back, interest on FDRs, other interest and interest on refund. 8. The ld. Counsel for the assessee fairly submitted that the Tribunal while disposing of the appeal for assessment years 2006-07 and 2007-08 in ITA. Nos. 1563 and 4376/Del/2011 dated 26.05.2017 held that assessee is entitled for deduction under Section 80 IC of the Act on the AMC charges. The ld. Counsel for the assessee further submits that for the assessment year 2012-13 the assessee claimed deduction only at 30%, but the ld. Assessing Officer disallowed 100% of the AMC charges, duty draw back, interest on FDR, other interest etc. Therefore, he submits that, if at all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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