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TMI Blog2023 (2) TMI 1020X X X X Extracts X X X X X X X X Extracts X X X X ..... e Respondent : Balram R. Rao , Advocate JUDGMENT P. S. DINESH KUMAR J.- 1. This appeal by the Revenue, is directed against order dated July 6, 2018 in I. T. A. No. 2134/Bang/2017 passed by the Income-tax Appellate Tribunal (ITAT). Though this appeal has been admitted to consider four questions of law, after hearing Shri E. I. Sanmathi, learned standing counsel for the Revenue and Shri Balram R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g that the notification to be issued by the Central Board of Direct Taxes is only a formality once the approval is granted by the Ministry of Commerce and Industry, Gov ernment of India, without appreciating the fact that the Central Board of Direct Taxes has issued a notification imposing certain additional terms and conditions as per rule 18C(4) of the Income-tax Rules, 1962 after the approval w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and style of M/s. Prasad Technology Park Pvt. Ltd. in Bengaluru. Pursuant to a Scheme dated April 1, 2002, issued by the Ministry of Commerce and Industry, the assessee applied for approval in the non-automatic rule. The assessee filed its returns for the assessment year 2014-15 and claimed deduction under section 80-IA(4)(iii) of the Income-tax Act. The Assessing Officer by his order dated Decemb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hi's solitary contention is, the assessee had violated the condition that it could not have leased out more than 50 per cent. of the total area ; and Central Board of Direct Taxes notification was issued on February 21, 2012 and it cannot have retrospective effect. 5. We have simultaneously considered I. T. A. No. 498 of 2013 for the assessment year 2008-09 in the assessee's own case. Dur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Income-tax (Appeals), the Commissioner of Income-tax (Appeals) had dismissed the appeal for the assessment year 2007-08 on a different ground. The Income-tax Appellate Tribunal has recorded cogent reasons while allowing the appeal for the assessment year 2007-08. 7. In view of the above, the solitary ground urged by Shri Sanmathi must fail. Hence, the following : ORDER (a) Appeal is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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