TaxTMI 
TaxTMI 
2022 (12) TMI 1360
X X X X Extracts X X X X
X X X X Extracts X X X X
....l Faceless Appeal Centre, Delhi [the learned CIT (A)] dated 5th July, 2022 for all those years. The issue involved in these appeals is also identical. The parties also argued them together and therefore, all these three appeals are disposed of by this common order. 02. We first take up ITA No.2119/Mum/2022 for A.Y. 2012-13, where the assessee has raised the solitary ground of appeal stating that a sum of Rs.18,97,000/- reported under the head 'other income' was held to be not eligible for deduction under Section 80IA of the Income-tax Act, 1961 (the Act). 03. The brief fact shows that assessee is a company engaged in the business of operating a Container Freight Station (CFS). It filed its return of income on 26th September, 2012 at a tot....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ent received by the assessee is directly related to the main business of the assessee, as assessee being a CFS providing space to facilitate customers and other associated on rent. Accordingly, rent was held to be income derived from eligible undertaking eligible for deduction under Section 80IA of the Act. b. interest on fixed deposit, it was submitted that the fixed deposits are pledged with custom authorities for obtaining guarantee therefore, so earned by the assessee was also held to be eligible for deduction under Section 80IA of the Act. c. Sundry credit balances written back as well as miscellaneous income is also held to be arising from the industrial undertaking. d. With respect to the interest on income tax refund, it was s....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder the head "other income' . Accordingly, ground no.3 of the appeal of the assessee is allowed. 08. Ground no.2, is against the initiation of penalty proceedings, which is premature and therefore, same is dismissed. Accordingly, ITA No.2119/Mum/2022 for A.Y. 2012-13 is partly allowed. 09. ITA No.2118/Mum/2022 is for A.Y. 2014-15 involving similar ground of appeal. 010. Ground no.1, is with respect to the other income of Rs.39,53,831/- not considered as eligible for deduction under Section 80IA of the Act by the lower authorities. The issue is decided in the appeal of the assessee for A.Y. 2012-13. With a similar direction ground no.1 of the appeal is partly allowed. 011. Ground no.2 is against the initiation of penalty proceedings, wh....