2006 (8) TMI 252

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....is also void ab initio and deserves to be quashed. 2. Without prejudice to above, the learned AO further erred in law as well as on the facts of the case, in disallowing the deduction claimed by the assessee under s. 80-IA of the IT Act, 1961. Hence the deduction so claimed may please be allowed now. 3. The learned AO also erred in misinterpreting the decision of Hon'ble Supreme Court in the case of Lucky Minmat (P) Ltd. The said decision is not applicable on the facts of the present case and hence the addition made by the AO, by relying on the said decision, deserves to be deleted in toto. 4. The learned AO further erred in law as well as on the facts of the case, in charging of interest under s. 234A, B and ....

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....blocks, identical as granite blocks, into marble slabs and hence is directly covered by the decision of Hon'ble Supreme Court as mentioned above. The learned Authorised Representative submits that the decision in the case of Lucky Minmat (P) Ltd. on the other hand is on s. 80HH and not on s. 80-I/80-IA. He submits that later decision of Hon'ble Supreme Court is to prevail as it has binding precedent. In this regard he places reliance on the decision of Hon'ble Delhi High Court in the case of Bhika Ram & Ors. vs. Union of India & Ors. (2000) 159 CTR (Del) 462 : (1999) 238 ITR 113 (Del). He also refers the decision of Hon'ble Supreme Court in the case of M.A. Murthy vs. State of Karnataka & Ors. (2003) 185 CTR (SC) 194 : (2003....

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....relied on by learned Authorised Representative, we find substance in the aforesaid contentions of learned Authorised Representative that in view of later decision of Hon'ble Supreme Court in the case of CIT vs. Sesa Goa Ltd. and CIT vs. Mysore Minerals Ltd., the lower authorities were not justified in denying the claim of deduction under s. 80-IA of the Act to the assessee based on an earlier decision of Hon'ble Supreme Court in the case of Lucky Minmat (P) Ltd. For a ready reference the relevant extract of the decision of Hon'ble Supreme Court (sic-Karnataka High Court) in the case of CIT vs. Sesa Goa Ltd. (sic-CIT vs. Mysore Minerals Ltd.) is being reproduced hereunder: ".....In order to find out whether a particular ....