2015 (11) TMI 1760

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....331,910/- after claiming deduction u/s 80IB(11A) of the Act at Rs. 38,59,664/-. The assessee submitted a certificate in Form No.10CCB which did not contain place and the date of signing which was clarified by the CA. The Assessing Officer disallowed the claim of deduction under section 80IB(11A) of the Income Tax Act, 1961; depreciation on building and cash discounts. These additions were confirmed by the learned CIT(A). 3. In ground nos. 1 to 4 the issue involved is regarding not allowing deduction claimed under section 80IB(11A) of the Income Tax Act, 1961 for the reason that the assessee has not fulfilled the conditions as prescribed in the Act. The learned CIT(A) has confirmed the action of the Assessing Officer. Now the assessee is ....

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....O in ITA No. 57/Hyd/2011 dated of the Hyderabad Bench of the Tribunal. 5. The learned DR on the other hand relied upon the orders of the authorities below and submitted that this provision was introduced to enhance the storage capacity and to enhance the food security and development of agriculture but deduction under this section can be given only to the persons who have developed integrated business of warehousing facilities. Simply developing the warehousing shall not make the assessee entitled to the claim as the word used is 'integrated business of warehousing facilities'. He also relied upon the orders of the authorities below. 6. We have heard both the sides. The deduction u/s 80IB(11A) is available to undertakings who are deri....