2017 (8) TMI 195

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....e present appeal pertains to Assessment Year 2007-08. 2. The Tribunal has set aside the order of the Commissioner passed under Section 263 of the Act. The learned Counsel for the appellant submits that the Tribunal was not justified in holding that the proposal for initiation of refund proceedings must be initiated by the the Commissioner of Income Tax. The said proceedings need not emanate from ....

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....of 5 years. The assessee submitted that it is an industrial undertaking for the purpose of Section 35D of the Act and relied upon the judgment of this Court in a case of the Commissioner of Income Tax Vs. Emirates Commercial Bank Ltd. 262 ITR 55 wherein this Court has held that the banks are industrial undertakings and eligible for deductions under Section 32A. According to the learned Counsel, th....

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....order. In return of income, the assessee had made the following note. "Deduction of Rs. 3,27,82,000/claimed under section 35D of the Income Tax Act, 1961 ("the Act") During the financial year 200506, the assessee had incurred an aggregate expenditure of Rs. 16,39,10,000/on Initial Public Offering ("IPO") of equity shares made. The Issue closed on June 12, 2005. It has claimed a deduction under ....

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.... High Court, has held that Banks are "industrial undertakings" and eligible for deduction under section 32A of the Act. HSBC Securities and Capital Markets (India) Pvt. Ltd. (1384/M/2000) where the Hon'ble Mumbai ITAT has held that even a share broking entity is an "industrial undertaking" for the purpose of section 35D. Therefore, the claim of assessee for deduction under section 35D is i....