2014 (4) TMI 703

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.... company is engaged in the business of software development and consultancy services and filed the returns of income respectively after claiming deduction under section 80IB as well as 80HHE of the I.T. Act, 1961 in the impugned years. Assessee worked-out the deduction independently of each provision whereas the A.O. was of the opinion that both deductions cannot be claimed on the same profit and amount deducted under one section has to be excluded for computing the deduction in other section, as per provisions of section 80IA(9) of the Act. Assessee contended that as per the provisions of the Act and the legal principles then available, assessee was entitled to claim relief calculated separately whereas, relying on the decision of the Spec....

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....isclose its true and correct income. 5. When the notices were issued, none appeared on behalf of assessee. Therefore, we heard the learned D.R. and decided the issue on merits exparte-respondent. 6. After hearing the learned D.R. we do not see any reason to differ from the order of the CIT(A). As rightly held by Ld. CIT(A) there is no furnishing of inaccurate particulars by assessee. Only issue is whether assessee's claim under section 80IB and 80HHE, which are allowable to assessee, are to be calculated on the same income or after excluding one from the other. This issue being debatable, it cannot be found fault with the claim of assessee at the time of filing of the returns. Subsequent judicial interpretation, however, was against asses....