2022 (4) TMI 243

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....Agrawal, Adv.; For the Revenue : Ms. Poonam Sharma, Sr. D.R. ORDER PER C. N. PRASAD, J. M. : 1. These two appeals were filed by the assessee against the common order of the ld. Commissioner of Income Tax (Appeals), Muzaffar Nagar [hereinafter referred to CIT (Appeals)] dated 3.06.2016 for assessment years 2011-12 and 2012-13. 2. The assessee in its appeals raised the following commo....

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....ates to deduction under Section 80 IC of the Income Tax Act, 1961 (the Act) i.e. whether assessment year 2005-06 is the initial assessment year or 2006-07 is the initial assessment year was in question for the purposes of allowing deduction under Section 80 IC of the Act. 4. The ld. Counsel for the assessee, at the outset, submits that the Tribunal while disposing of the appeal for the assessme....

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....e disposing of the appeal of the assessee for the assessment year 2010-11 held that the 'initial year' for claiming benefit under Section 80 IC of the Act is 2006-07 and going by that assessment year 2010-11 is 5th year. Thus, respectfully following the said decision, we hold that the initial year for the purposes of claiming deduction under Section 80 IC of the Act is 2006-07 and not 2005-06. Con....

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.... 2007-08 in ITA. Nos. 1563 and 4376/Del/2011 dated 26.05.2017 held that assessee is entitled for deduction under Section 80 IC of the Act on the AMC charges. The ld. Counsel for the assessee further submits that for the assessment year 2012-13 the assessee claimed deduction only at 30%, but the ld. Assessing Officer disallowed 100% of the AMC charges, duty draw back, interest on FDR, other interes....