2014 (11) TMI 1227

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....mmercial Properties. During the impugned assessment year, the assessee claimed deduction of Rs. 10,74,83,088/- u/s.80IA(4)(iii) relating to the profit/income earned from the development and operations of the Industrial Park notified by the prescribed authority as per Industrial Park Scheme - 2002 SO-354(E) dated 01-04-2002. During the course of assessment proceedings, on being questioned by the Assessing Officer to justify the claim, it was stated that separate books of accounts are being maintained for both the aforesaid activities. The Assessing Officer noted that the assessee has not complied to the requirements of the provisions of section 80IA(4)(iii) r.w. Rule 18C. Further, according to the Assessing Officer if the deduction is held t....

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....ecided by the decision of the Third Member dismissing the assessee claim for deduction u/s. 80IA. 4. On the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in holding that the assessee is eligible for deduction u/s. 80IA(4)(iii) of the I. T. Act, 1961, for the year under consideration when PMC has issued completion certificate for only 6 units as against minimum of 105 units specified in the notification dated 03/07/2007. 5. On the facts and in the circumstances of the case and in law, the Ld CIT(A) has erred in holding that the assessee was eligible for deduction u/s.80IA(4) of the I.T. Act, 1961 on rental income". 5. The Ld. Counsel for the assessee at the outset submitted that the issue stands decided ....

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....nd Industry in the Government of India?". He submitted that the Assessing Officer has already sent his report u/s.158A r.w. Rule 16 vide letter dated 22-04-2014. He accordingly submitted that appropriate order may be passed. 6. The learned Departmental Representative on the other hand fairly conceded that identical question of law has been admitted by the Hon'ble High Court which is pending for disposal. Therefore, appropriate order may be passed. 7. We have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the CIT(A) and the Paper Book filed on behalf of the assessee. There is no dispute to the fact that the issue relating to allowability of deduction u/s. 80IA(4)(iii) of the I.T. Act....