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TMI Blog2022 (5) TMI 370X X X X Extracts X X X X X X X X Extracts X X X X ..... ld be ascertainable from the regular books of accounts maintained. In the present case, a perusal of the assessment order itself clearly shows that the same is possible insofar as the assessee filed the revised statement giving the break-up of the income and expenditure in respect of Sponge Iron operation and also the power plant. This bifurcation has not been dislodged by the AO though disregarded as he was of the view that separate books should have been maintained. A perusal of the paper book also clearly shows that the requisite audit report u/s.80IA of the Act being in the Form 10CCB has also been submitted by the assessee before the AO. This being so, we are of the view that the assessee has, on the factual matrix, complied with th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 016), against which SLP had been filed before the Hon ble Supreme Court bearing SLP No.8070 of 2017, had held that subject to the result of the SLP in the case of Alembic Limited (supra), the issue of deduction u/s.80IA of the Act was held in favour of the assessee. However, the Hon ble jurisdictional High Court in page 7 of its order further went on to hold that the Tribunal had not considered the issue in its true perspective and only for the adjudication on the factual matrix in terms of the discussion and the adjudication of law as done by the Hon ble High Court, the matter was remitted to the Tribunal for fresh adjudication. Today, the matter has come up for hearing before the Tribunal. 3. Shri S.K.Mohapatra, CIT-DR represented on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been specifically produced before the AO. It was the submission of the ld. AR that as both the objections of the ld. AO have been met on a factual matrix and on the legal plain, the issue has been held in favour of the assessee by the Hon ble jurisdictional High Court. Therefore, it was prayed that the issue may be held in favour of the assessee. Further, the ld. AR submitted that, in any case, from the legal point, the Hon ble jurisdictional High Court has put fetters on the allowances itself to be subject to the outcome of the decision of the Hon ble Supreme Court in the case of Alembic Limited (supra). 6. In reply, the ld. CIT-DR vehemently opposed to allowing deduction u/s.80IA of the Act. It was the submission that nothing stopped ..... X X X X Extracts X X X X X X X X Extracts X X X X
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