2014 (6) TMI 530

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....Assessee electronically filed its return of income for A.Y. 06-07 on 16.02.2007 showing loss of Rs. 22,64,390/-. The case was selected for scrutiny and thereafter the assessment was framed under section 143(3) vide order dated 29.12.2009 and the total income assessable under section 115JB was determined at Rs. 5,33,36,163/-. Aggrieved by the order of A.O, Assessee carried the matter before CIT(A). CIT(A) vide order dated 30.07.2010 partly allowed the appeal of the Assessee. Aggrieved by the order of CIT(A), the Assessee is now in appeal before us and has raised the following grounds. 1. The Ld. Commissioner of Income Tax (Appeals)-I, Baroda has erred in law and in facts in not allowing deduction u/s 10A, being the profit of EOU, of Rs. 4,0....

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.... per the regular provisions of the Act and also relied on the circulars and various decisions. The submissions of the Assessee was not found acceptable to the A.O. A.O relying on the decision of Bombay High Court in the case of Ajanta Pharma Ltd. 223 CTR 441 (Mum) was of the view that the deduction of profit of the EOU unit from book profit u/s. 115 JB is required to be calculated with reference to the profit as per normal provisions of the Act. A.O thereafter noted that since there is no profit left out which is eligible for deduction, the claim of Assessee was rejected. He further noted that Assessee had filed its return of income on 22.02.2007 whereas the due date of filing of return of income as per section 139(1) of the Act was 31.12.2....

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....at the aforesaid decision has been reversed by the Hon'ble Supreme Court and therefore the Assessee is eligible for deduction. He also placed reliance on the decision in the case of J.P. Morgan Services India Pvt. Ltd. vs. DCIT ITA No. 5547/Mum/2009 order dated 23.04.2013 order of Ahmedabad Tribnunal in the case of Gujarat Ambuja Exports Ltd. ITA No. 2137/AHD/2007 order dated 24.12.2010. 7. The ld. D.R. on the other hand pointed out that Assessee had not filed the return before the due date of filing of return for which he pointed out to the relevant finding of the A.O. He therefore submitted that when the Assessee has not filed the return in time, the Assessee was not eligible for deduction u/s 10B. He further submitted that CIT(A) while ....