2017 (7) TMI 775

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....ed to as the "Act, 1961") have arisen from judgment and order dated 22nd April, 2016 passed by Income Tax Appellate Tribunal, Lucknow Bench ''B', Lucknow (hereinafter referred to as the "Tribunal") in Income Tax Appeals No. 504 and 505/LKW/2015 filed by Assistant Commissioner of Income Tax, Central Circle - II, Lucknow ( hereinafter referred to as "Revenue") against Assessee - Respondent M/s Jai Prakash Associates Ltd., relating to Assessment Year (hereinafter referred to as "A.Y.") 2007-08 and 2008-09. Tribunal by means of impugned judgment has dismissed both the appeals. 3. The facts in brief relating to two assessment years are stated in brief as under : - A.Y. 2007-08 4. Assessee filed return of income on 31st Octob....

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....ely, making addition of Rs. 65,89,29,401/- in relation to A.Y. 2007-08 and Rs. 92,22,86,740/- in relation to A.Y. 2008-09. 8. Both these orders passed by A.O. under Section 148/143 dated 30th March, 2014 were taken in appeal before Commissioner of Income Tax ( Appeals)-III, Lucknow ( hereinafter referred to as "CIT(Appeals)-III"). Vide orders dated 30th April, 2015, both the appeals were allowed by CIT(Appeals)-III holding that there is no ground for reopening the matter under Section 147 and, in fact, A.O. has reviewed assessment orders already made final though it has no power of such review. CIT(Appeals)-III, therefore, set aside the proceedings initiated under Section 147 of Act, 1961. Revenue filed two appeals before Tribunal but co....

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....irmed the view of CIT(A) allowing deduction under Section 80IA to the Asssessee. This judgment dated 29th April, 2015 of Tribunal was challenged in Income Tax Appeal No. 5 of 2016 before this Court. The appeal has already been dismissed vide judgment dated 18th April, 2017. Thus, we find no justification to take different view than what has been taken by Tribunal. 14. Learned Standing counsel could not dispute that when benefit of deduction under Section 80IA was allowed by A.O., he had examined relevant material and even on a query made by him, reply was submitted by Assessee and after scrutiny, assessment order was finalized. However, at the time of making assessment for A.Y. 2009-10, A.O. took a different view and disallowed the deduc....