2014 (12) TMI 932

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Income Tax Appeal Tribunal [for short "the Tribunal"] in ITA Nos.278/RJT/05, 574/RJT/03 & 279/RJT/05, whereby the appeals filed by the revenue were dismissed by the Tribunal. 3. In all these appeals the facts as well as the question of law are same, therefore, we are discussing only the facts of Tax Appeal No.1321 of 2006 for our convenience. 4. The facts in brief are that respondent-assessee is engaged in the business of forging and manufacturing of various types of auto parts. The assess had filed its return for the Assessment Year 200102 on 29.10.2001 and declared total income of Rs. 47,66,167/. The respondent-assessee had claimed deduction under Section 80I of the Income Tax Act, 1961 in the relevant year whereas the business w....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....other hand, learned advocate for the respondent-assessee has supported the impugned judgment and order of the Tribunal and submitted that the impugned order does not warrant any interference by this Court in view of the concurrent findings of both the authorities namely the CIT(A) as well as the Tribunal. Therefore, he urged that the present appeals deserve to be dismissed. 8. We have heard learned advocates appearing for both the parties and perused the material on record. While dismissing the appeals of the revenue, the Tribunal in paragraph No.5 has observed as under:             "5. We have heard the rival contentions of both the parties. Looking to the facts and circumstances....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....has satisfied this condition during the years under consideration and therefore, the assessee is entitled for claiming deduction u/s. 80IA in the year it fulfills the condition in view of the judicial pronouncement referred to above. Moreover, the assessee purchasing new machinery of sister concerns and hiring of machinery from sister concern is also entitled for deduction u/s. 80IA as held in CIT Vs. Nars Minerals Export Pvt. Ltd. (231 ITR 863). Considering the facts and circumstances of the case in hand, more particularly the assessee having satisfied all the conditions in order to avail benefit of Section 80IA, the CIT(A) in our view is justified in allowing the claim of the assessee and as such, we find no reason to disturb the same. Th....