2018 (12) TMI 692

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....ditional grounds of appeal: - 1. On the facts and in the circumstances of the case and in law, the Ld. CIT (Appeal) has erred in directing the A.O to allow deduction u/s 80-O of the IT Act as per the computation of the assessee at Rs. 6.62 crore and to deduct only direct expenses for computation of deduction u/s 80-0 of the IT Act, without appreciating that the deduction u/s 80-O cannot be more than the business income of the assessee. For the relevant assessment year only 50% of foreign income is allowable as deduction after reducing direct expenses. The business income of the assessee is determined at Rs. 81,63,115/- as per order dated-04.12.2006. 2. Whether the Ld. CIT(A) is right in allowing a deduction u/s. 80-O of th....

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.... favor of assessee and in this case, decision of Bangalore Tribunal in case of Wipro Ltd. Vs DCIT has been considered. The ld. Departmental Representatives relied on the order of authorities below. 12. Having considered the judgments cited by the ld. AR and the issues involved in it, we consider it fair to restore this issue back to the CIT(A) for deciding afresh after considering the judgment cited by ld. AR. 2. The brief background of the matter is that the assessment for impugned AY was framed by Ld. Deputy Commissioner of Income Tax- Special Range-1, Mumbai [AO] u/s. 143(3) on 10/03/1993 determining the income at Rs. 648.83 Lacs after certain additions as against returned income of Rs. 562.66 Lacs filed by the assessee on 31....

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....essee that against the findings of first appellate authority in the first round, the assessee moved an application dated 17/10/2002 u/s 154 for the rectification of the same. The Ld. CIT(A) disposed-off the same on 05/03/2003 by holding that the issue was covered against the assessee by the decision of Petroleum India International Vs. DCIT. 4.2 Pursuant to the directions of the Tribunal, Ld. CIT(A), after considering the submissions and cited order of the Tribunal in assessee's own case for 1995-96, concluded the matter in the following manner: - 7. I have considered these factual aspects stated by the Ld. Ars of the appellant. Therefore, I am in agreement with the appellant that the partly favorable decision of Hon'ble ITAT in....