2020 (12) TMI 496

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....1) The Ld. CIT(A) has erred in law and on facts by allowing exemption u/s 10A without considering the fact that assessee has not claimed the exemption u/s 10A of Income Tax Act, 1961 in its return f income filed in the Income Tax Department. (2) That the learned CIT(A) has erred in law and on facts by allowing exemption u/s 10A without considering the fact that the assessee failed to furnish the audit report in form 56F as required under the provision of section 10A(5) of the Income Tax Act, 1961 read with Rule 16D of the Income Tax Rules, 1962. (3) That the learned CIT (A) has erred in law and on facts by allowing exemption u/s 10A without appreciating the fact that assessee has to produce all the evidence on which it relies in respe....

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....he past year losses and hence there was no occasion for the assessee to claim the deduction u/s.10A. Otherwise, assessee had already claimed the deduction u/s.10A by submitting both STP approval and Assessing Officer has denied the benefit of deduction u/s.10A without giving opportunity to submit the certificate in Form No. 56F. It was further submitted that the appeals of the assessments for the Assessment Years 2005-06 and 2006-07 were still pending and applicant has claimed losses, because it has contested the additions and therefore, the return was filed at a Nil income. Ld. CIT (A) observed that as per the CBDT Notification No.169 dated 14th May, 2007, wherever the return of income has been filed electronically then assessees were not ....

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....R has strongly relied upon the order of the Assessing Officer. 6. After considering the relevant findings given in the impugned orders, we find that it is an undisputed fact that the assessee is otherwise eligible for claim of deduction u/s.10A, which assessee had not claimed at the time of filing of return, because same was filed at 'NIL' income after setting of carried forward losses of Rs. 3,13,24,937/-. The Assessing Officer had denied the part of carry forward losses to be set off in the current year on the ground only amount of Rs. 75,44,540/- was available for carry forward after the assessments of the earlier years and has completed the assessment at an amount of Rs. 2,37,80,400/-. Even though the Tribunal in the Assessment Years 2....