2021 (3) TMI 72

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.... admitted gross total income at Rs. 15,37,416/- and after claiming Chapter VI A deduction in respect of Vishnu Polymers to the tune of Rs. 9,59,971/- u/s. 80IC and Rs. 92,000/- of LIC Premium u/s. 80C of the Act i.e. a total of Rs. 10,51,971/-, the assessee admitted net taxable income at Rs. 4,85,450/-. 3. During the assessment proceedings u/s. 143(3) of the Act, pursuant to the selection of the return of income for limited scrutiny under CASS, the AO observed that the assessee had claimed deduction u/s. 80IC of the Act in respect of one of her unit i.e. Vishnu Polymers is situated in Rudrapur, Uttarakhand which is situated in the areas mentioned in section 80IC of the Act. The AO observed that, one of the conditions which is required to b....

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....ioner under 143(3) of Income tax act. 3.) We have clearly explained the reasons for non filing of report in form No. 10CCB which is to be filed as mentioned in section 80IC of the Act and the same was produced before the learned office at the assessment of the income for the assessment year 2015-16. The deduction u/s. 80IC was disallowed for an amount of Rs. 9,59,971/- Without considering our explanation information furnished before the learned ITO and even after producing before the requisite report before him during the assessment proceedings disallowed. During the appeals proceedings we have opted e-proceedings and submitted all the information and explanation via online before the leaned commissioner. Even then the CIT Appeals upheld ....