2013 (11) TMI 1757

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.... B.C. Jain, FCA ORDER R.S. Syal, Member (A) 1. This appeal by the Revenue is arising out of the order passed by ld. Commissioner of Income Tax (Appeals), Central - I, Kolkata dated 21st October, 2011 in relation to the assessment year 2005-06. 2. Both the grounds relate to giving direction for treating interest income as business income and resultantly allowing deduction under sect ion 80IB b....

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....ot eligible for deduction under sect ion 80IB in respect of interest income. The ld. CIT(Appeals) reversed the act ion of Assessing Officer by holding that original assessment in this case was completed under section 143(3) and there being no incriminating material found in the course of search impinging the allowability or otherwise of deduction under section 80IB, the Assessing Officer was not c....

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.....) has held, inter alia, that having done original assessment u/s 143(3), if no incriminating material is found during the course of search, then it is not permissible to make any addition in the assessment under section 153A pursuant to search action. The Special Bench of the Tribunal in the case of All Cargo Global Logistics Limited vs. DCIT (2012) 137 ITD 217 (SB)(Mum.) has also held to the sam....