2011 (3) TMI 1624

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....5 and 2003-04 respectively while appeal in ITA No. 857/PN/2009 is directed against the order of the CIT(A) Kolhapur dated 11-5-2009 for A.Y. 2006-07. ITA No. 222/PN/2009 for A.Y. 2003-04 2. In this appeal, the grounds raised by the assessee are as under: 1) On the facts and in the circumstances of the case and in law the exparte assessment completed under Section 144 of the Act is not justified and it be set aside. 2) On the facts and in the circumstances of the case and in law the Ld. C.LT. (A) erred in upholding the action of the A.O. of initiating the action under Section 147 of the Act when valid revised return filed was pending for assessment as on the date of issue of notice u/s 148 of the Act. In view of this ....

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....ther the appellant-assessee company was eligible for the claim of deduction under section 80-IA of the Act in the circumstances when the assessee itself makes the investment and itself executes the development work as has been done by this assessee and the amendment introduced by inserting an explanation retrospectively wef. A.Y. 2000-01 by Finance Act, 2007, and relevant C.B.D.T. Circular No.3 of 2008, becomes applicable to it? 7) On the facts and in the circumstances of the case and in law the Ld. A.O. was not justified in levying interest u/s. 234-B/234-C of the Act and the same be deleted. 8) The appellant craves to leave, add/amend or alter any of the above grounds of appeal." 3. The learned AR did not press ground....

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....owner inspite of the fact that the collection was treated as income of the assessee company and was also approved by the State Government. 5. In view of our finding on ground no. 3, the issue raised in grounds no. 4 and 5 goes academic and therefore, they were not addressed by the learned AR. So they are dismissed being academic in nature. 6. The next issue is with regards to allowability of claim of deduction u/s 80-IA of the Act. In this regard, learned AR drew our attention to the decision of Hon'ble Bombay High Court in the case of CIT Vs ABG heavy Industry Ltd. & Others (2010) 37 DTR (Bom) 233 wherein in similar set of facts, Hon'ble Bombay High Court held as under : "Assessee having entered into a contract for supply, installati....