2015 (9) TMI 806

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....er on the facts and in the circumstances of the case that ITAT was correct in holding that the entire amount of gross total income of the assessee is eligible for deduction under section 80IB of the Income Tax Act ? (2) Whether on the facts and in the circumstances of the case, the ITAT was justified in holding that the disallowance made under section 40(a)(ia) of the Income Tax Act separately is not permissible under the scheme of the Income Tax Act ?" 3. The facts in brief are, that the assessee whose eligibility to claim deduction under Section 80IB (10) of the Income Tax Act, 1961 (hereinafter referred to as "the Act" for short), is not in dispute, filed a return in Assessment Year 2006-07 for accounting period 01.04.2005 to 31.03.....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....is paid in later year. Thus, in subsequent assessment years, the assessee would be able to claim deduction from his profit, on account of these expenses, hence, purpose of having Section 40[a][ia] itself gets defeated. He submits that the judgment of this High Court in CIT / Shirke Constructions and Equipments Ltd. (246 ITR 429) is not attracted here. 6. Shri Bhattad, learned counsel for the respondent - assessee on the other hand states that in said matter decided by this Court, the assessee M/s. Shirke Constructions and Equipments Ltd., also had other sources of income, and hence application of mind therein needs to be understood properly. Here, the respondent - assessee (Sunil Vishambharnath Tiwari) does not have any other source of inc....