TaxTMI 
TaxTMI 
2019 (3) TMI 1859
X X X X Extracts X X X X
X X X X Extracts X X X X
....he Revenue's appeal in ITA No.1790/Chny/2017. 3. The Revenue raised the following grounds of appeal in ITA No.1790/Chny/2017: "1. The order of the CIT(A) is contrary to law and facts of the case. 2. The CIT(A) erred in allowing assessee's claim of deduction u/s 801A of the Incometax Act 1961. 2.1 It is submitted that from the AY 2014-15 it is mandatory that audit report in Form No. 1OCCB should be submitted electronically while filing the return of income. 2.2. The CIT(A) failed to note that the assessee company has filed Form No. 1OCCB only on 06.11.2015, i.e beyond the due date prescribed. 2.3 It is submitted that Rule 12(2) of the Incometax Rules mandates that where an assessee is required ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....stretch on NH-5 in the pattern of build-operate-transfer basis. The appellant was given toll collection rights for a period of 15 years on the existing four lane road. During the period of construction the toll collection revenue collected by the assessee has been treated as capital receipt. The submissions of the respondent-assessee were extracted in the assessment order vide para 3.1. The sum and substance of the stand of the assessee-company is that the assessee-company was permitted to collect the toll on the existing road towards grant of the Government for funding of the project and the amount collected is deposited in escrow account and the amount so collected should only go to reduce the project cost and cannot be taxable i....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... of the Hon'ble Supreme Court in the case of GM Knitting Industries (P.) Ltd. (supra) is not applicable. On the other hand, the ld. Counsel for the assessee placed reliance on the orders of lower authorities. 7. We heard the rival submissions and perused the material on record. The admitted facts of the case are that the respondent-assessee was awarded the contract of expanding the NH from four lane to six lane at the stretch of Chennai-Tada, it entered into the concession agreement with NHAI. It is further stated that during the concession period, the assessee was entitled to collect the toll fees on existing four lane road and toll collection fee so collected should be adjusted towards viability gap funding. Then, the issue that ar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....irecting the AO to allow the deduction u/s. 80IA of the Act. Therefore, we reverse the findings of ld. CIT(A) on this issue. 8. In the result, appeal filed by the Revenue is allowed. CO No.137/Chny/2017: 9. The assessee raised the following cross objections: "1. The Assessing officer ought to have appreciated that the toll collected is not nature of revenue receipt. The Assessing officer ought to have appreciated that the Appellant does not have absolute right to receive and appropriate the toll collected in any manner and hence the same should not be a taxable income. 2. The Assessing officer ought to have appreciated that the fact that the toll collected is in nature of capital grant provided by NHAI and same sh....