2022 (7) TMI 1217

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....circumstances of the case, was the Tribunal justified in allowing deduction u/s 10 AA of the income tax act, 1961 without considering whether the interest income would be held to be derived from the industrial undertaking 2. whether on the facts and in the circumstances of the case, was the tribunal justified in failing to consider that the company itself had shown this interest income as income from other sources where by not making a claim of this interest income as business income 3. whether on the facts and circumstances of the case and in law, the learned CIT (A) was right in holding that bank interest is eligible to be treated as profit of understanding for purposes of Section 10 A and Section 10 AA, when the source ....

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....r 638/M/2012 has made out a clear distinction between the two different provisions i.e. Section 43B in relation to employers contribution and Section 36 (1) (va) in relation to employees contribution after discussing in detail the ratio laid down in cases of CIT versus Alom Extrusion Ltd (2009) 319 ITR 306 (SC) 02. Brief facts of the case shows that assessee is a company engaged in the information technology enabled services as business process outsourcing, it filed its return of income on 28/11/2013 declaring a total income of Rs. 2,525,879,470/- as per the normal computation of income and the book profit was computed at Rs. 3,419,279,337/-. 03. Assessee is eligible for deduction u/s 10 AA of the income tax act, during the course of ....

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....e income tax is allowable as it has already been decided by the coordinate bench in assessee's own case for assessment year 2008 - 09 to 2012 - 13 and therefore the issue is already covered hence he followed the decision of the coordinate bench. With respect to the disallowance u/s 36 (1) (va) read with Section 2 (24) (tax) of the income tax act he deleted the disallowance holding that since the contribution was deposited before the due date of filing of the return of income following decision of the honourable jurisdictional High Court. 07. Therefore, the learned assessing officer is aggrieved with the order of the learned CIT - A. 08. Despite notice to the assessee, none appeared on behalf of the assessee and therefore the appeal of....