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of <h1>Tribunal grants appeals, orders deduction under section 80IA, interest under section 244A.</h1> <h3>Grasim Industries Limited Aditya Birla Centre Versus The Commissioner of Income-tax, Central Circle-1 (4), Mumbai</h3> Grasim Industries Limited Aditya Birla Centre Versus The Commissioner of Income-tax, Central Circle-1 (4), Mumbai - TMI Issues:1. Disallowance of deduction claimed under section 80IA of the Income Tax Act, 1961 for assessment years 2014-15 and 2012-13.2. Granting interest under section 244A of the Act in accordance with provisions for the assessment year 2012-13.Issue 1: Disallowance of deduction under section 80IA:The appellant, a resident company engaged in manufacturing, filed returns declaring losses and book profits. The assessing officer disallowed the deduction claimed under section 80IA while computing the income due to the total income resulting in a loss. The learned Commissioner (Appeals) directed the assessing officer to follow the previous order without addressing the deduction issue. The appellant cited the Supreme Court's decision in a similar case, emphasizing that the deduction under section 80IA should be allowed on gross total income. The Tribunal agreed, citing the Supreme Court's ruling, directing the assessing officer to decide the deduction claim following the Supreme Court's decision.Issue 2: Granting interest under section 244A:In the assessment year 2012-13, the appellant received a refund after appealing the assessing officer's order. The appellant claimed interest under section 244A till the date of the refund cheque issuance, citing a CBDT circular. The assessing officer and the learned Commissioner (Appeals) denied the interest, stating that the online refund process takes time, and the delay in issuing the cheque was not attributable to the department. The Tribunal, however, held that interest should be granted till the date of the refund cheque issuance, as per section 244A of the Act and the CBDT circular. Citing relevant case laws, the Tribunal directed the assessing officer to grant interest accordingly.In conclusion, the Tribunal allowed the appeals, directing the assessing officer to decide the deduction claim under section 80IA following the Supreme Court's decision and to grant interest under section 244A till the date of the refund cheque issuance for the assessment year 2012-13.
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