2017 (3) TMI 482

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he purposes of facts, we take ITA No. 285/JP/2016 pertaining to A.Y. 2006-07. In this appeal, the assessee has raised only one effective ground, which is as under:- "1. Ld. CIT(A) has erred in law and on facts in ignoring the legal grounds of appeal taken in original memo of appeal (Form No. 35) in respect of legality of reassessed framed under section 143(3)/148 of IT Act without issuing any statutory notice required under section 143(2) of IT Act within the time allowed under proviso to section 143(2) of IT Act. (2) Without prejudice to ground No. (1), ld. CIT (A) has seriously erred in: (i) Without any reason or adverse information in possessing, not admitting the status of the assessee firm as "Industrial undertaking", though it....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ee carried the matter before the ld. CIT(A), who after considering the submissions, has dismissed the appeal. By passing the similar identical findings, the ld. CIT(A) have also dismissed all the other appeals of the assessees for all the other assessment years. 7. Now the assessee is in appeal before us. The ld AR of the assessee has argued that the authorities below were not justified in rejecting the claim of deduction U/s 80IB of the Act. Ld. AR has reiterated the submissions as made in the written brief. Ld. Counsel has drew our attention to provisions of Section 28(iiib)/28(iiid) of the Act. He submitted that the authorities below have wrongly applied the ratio of the judgment of the Hon'ble Supreme Court in the case of M/s Libe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e provisions of Section (section 28(iiib) and (iiid) of the Act), the judgments of the Hon'ble Supreme Court and the decisions of the Hon'ble ITAT, the ld CIT(A) was not justified in ignoring the provisions of law in sustaining the disallowances of deduction U/s 80IB of the Act on cash assistance received from Government of India, treating the same as incentive and not business income. 8. On the contrary, the ld. Sr. DR has strongly opposed the submissions of the ld. AR and further submitted that the decision of the Hon'ble Supreme Court in the case of Liberty India Vs. CIT (supra) has been rightly applied by the authorities below. He submitted that the case laws as relied by the ld. Counsel of the assessee are distinguishable as t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... and 28(iiid) of the Act, for the sake of clarity, the same is reproduced hereinbelow:- "(iiib) cash assistance (by whatever name called) received or receivable by any person against exports under any scheme of the Government of India ; (iiid) any profit on the transfer of the Duty Entitlement Pass Book Scheme, being the Duty Remission Scheme under the export and import policy formulated and announced under section 5 of the Foreign Trade (Development and Regulation) Act, 1992 (22 of 1992);" The Hon'ble Supreme Court in the case of Liberty India Vs. CIT (supra) after adverting to relevant provisions has held that Section 80IB/80IA are the code by themselves as they contain both substantive as well as procedural provision. Therefor....