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TMI Blog2023 (3) TMI 916X X X X Extracts X X X X X X X X Extracts X X X X ..... 00/- in the fresh revised claim, have not passed out the verification test either by the ld. CIT(A) or the AO and further such figures are also not forthcoming from either the Computation of income or the Annual accounts for the year for verification at our end. Matter is remitted to the file of the A.O for examining the correctness of these two figures. We order accordingly. Deduction u/s 35(2AB) - A.O did not entertain such claim in absence of the assessee having furnished any revised return - HELD THAT:- Approval was granted after filing of the return by the assessee. Form No. 3CL indicates the amount of capital expenditure in respect of Dewas and Baner units at Rs. 14.31 lakhs and Rs.7.25 lakhs respectively and the amount of r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and project execution services. It filed return declaring total income of Rs. 47.95 crore/ Rs.75.37 crore under the normal /MAT provisions of the Act. The assessment was completed at a total income of Rs. 51.61 crore/Rs. 79.03 crore under the normal/MAT provisions. The assessee claimed deduction in the return, inter alia, u/s 80IA(4)(iv) of the Act amounting to Rs. 3,61,70,943/-. During the course of assessment proceedings, the assessee lodged a claim for deduction under the provision at Rs. 4,57,13,416/-. The A.O did not entertain such claim in the absence of the assessee having filed any revised return. The assessee raised such issue before the ld. CIT(A) contending that it inadvertently computed the amount of profit eligible for deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4), there shall be allowed a deduction for ten consecutive assessment years of an amount equal to 100% of the profits and gains derived from such business. Sub-section (5), opening with a non obstante clause, provides that the profits and gains of an eligible business to which sub-section (1) applies, shall, for the purposes of determining the quantum of deduction under that sub-section, be computed as if such eligible business were the only source of income of the assessee during the relevant previous years. Nitty-gritty of the relevant sub-sections of section 80IA is that full profit of the eligible business, computed under the pr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o say, the assessee will be allowed an opportunity of hearing during such proceedings. 7. The other issue which survives in this appeal is against granting of further deduction u/s 35(2AB) amounting to Rs 7,00,38,178/-. The assessee claimed deduction u/s 35(2AB) for a sum of Rs. 5,07,22,898/- in its return of income. A sum of Rs. 7,00,38,178/- was not claimed as deduction under this section for want of receipt of approval from the Competent authority at the time of filing the return of income. Necessary approval was received after the filing of the return and the assessee made claim for the same during the course of assessment proceedings. The A.O did not entertain such claim in absence of the assessee having furnished any revised return ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Rs. 548.63 lakh respectively for the A.Y. 2014-15. The amount of further weighted deduction allowed in the first appeal to the tune of Rs. 7.00 crore is based on such amounts sanctioned by the Government of India, Ministry of Finance and Technology in respect of Dewas and Baner Units. Since the further claim is fully verifiable from the amount sanctioned by the Government of India, Ministry of Science and Technology, we are satisfied that no interference is warranted in the impugned order on this count in granting deduction on the basis of such certificates. We uphold the impugned order on this score. 9. In the result, appeal is partly allowed for statistical purposes. Order pronounced in the Open Court on 10th March, 2023. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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