2014 (2) TMI 986

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.... D.Manmohan, Vice President: This appeal by the assessee is directed against the order dated 23rd April, 2013, passed by the Commissioner of Income-tax(Appeals) III, Hyderabad, and it pertains to assessment year 2008-09. 2. Following grounds are urged by the assessee- "1. The Order of the Commissioner of Income-tax(Appeals) III, Hyd dated 23.04.2013 passed for asst year 2008-09 is erroneo....

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.........." 3. Facts necessary for the disposal of appeal are stated in brief. The assessee company is engaged in the business of bio-informatics, Contract Research Services, etc. For the year under consideration, it claimed deduction under S.80IB of the Act and thus declared 'Nil' income. According to the assessee, it is eligible for deduction under S.80IB, since it was engaged in scientific resea....

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....which may lead to discovery of any new molecule/drug or in development of any new technologies. The entire research is conducted by the various pharmaceutical companies, and what is done by the assessee is the administration of the new drugs to human beings, and the subsequent collection of their blood and urine samples, which are tested for various parameters. Therefore, the activity of the asses....

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....anted by the prescribed authority and deny the benefit to the assessee. That apart, the ITAT Ahemedabad Bench, in the case of ITO V/s. Gujarat Information Technology Fund in ITA No.2264/Ahd/2007 and others dated 27.5.2011, which in turn was followed by the Hyderabad Bench, held that such assessees are eligible to avail exemption till certificate by SEBI is not specifically withdrawn. The Bench als....