2012 (6) TMI 787

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....sment proceedings, the Assessing Officer has observed that assessee company had claimed deduction under section 80IB to the extent of ₹ 42,63,796/-. However, it was restricted to available profit of ₹ 29,46,064/-which was worked out after setting off of brought forward losses of ₹ 65,42,954/- as per computation sheet enclosed with the copy of return of income. The assessee company through a letter informed the Assessing Officer that provisions of section 80IB was not applicable and due to clerical mistake the deduction has been mentioned under section 80IB, whereas it should have been mentioned under section 10B of the Act. It was explained that assessee company was a 100% export oriented unit and deduction was claimed und....

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....eturn. However, assessee failed to file the revised return. Therefore, action of the Assessing Officer is correct. 5. On the other hand, the Ld. Counsel of the assessee placed reliance on the order of Ld. CIT (A). 6. After considering the orders of the Assessing Officer and Ld. CIT (A), we find that there is no infirmity in the order of Ld. CIT (A). The assessee is a 100% export oriented unit and even in earlier year the deduction has been claimed and has been allowed. The only defect or discrepancy was that the assessee while claiming deduction under section 10B has wrongly mentioned the section 80IB instead of 10B. This technical defect cannot be said to be a defect for denying the deduction, which the assessee is otherwise eligible. Th....

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....e belief that since the income of the assessee company is not positive, therefore, in computation, deduction was not claimed. However, when the assessment was completed in a positive figure, then statutory deduction has to be allowed as there is no defect or dispute in respect to donations given by the assessee. Donation was given to M/s. Veer Teja Mahila Shikshan Aivam Shoda Sansthan vide receipt no. 3063 dated 15.05.2007. Further donation of ₹ 2,00,000/- was given to Divyalok Viklang Sewa Sansthan vide receipt No. 549 dated 30.10.2007. Accordingly he held that deduction claimed under section 80G is allowable. 9. The Ld. D/R stated that the Assessing Officer has not been given any opportunity to examine the receipts. 10. On the ot....