TaxTMI 
TaxTMI 
2023 (3) TMI 916
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....,473/-. 3. Succinctly, the factual matrix of the case is that the assessee is engaged in manufacture of Power Driven Pumps, Valves, Hydro Turbines and project execution & services. It filed return declaring total income of Rs. 47.95 crore/ Rs.75.37 crore under the normal /MAT provisions of the Act. The assessment was completed at a total income of Rs. 51.61 crore/Rs. 79.03 crore under the normal/MAT provisions. The assessee claimed deduction in the return, inter alia, u/s 80IA(4)(iv) of the Act amounting to Rs. 3,61,70,943/-. During the course of assessment proceedings, the assessee lodged a claim for deduction under the provision at Rs. 4,57,13,416/-. The A.O did not entertain such claim in the absence of the assessee having filed any rev....
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....ired deduction under the Income-tax Act at Rs. 1,200/-. 5. Section 80IA(1) provides that where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4), there shall be allowed a deduction for ten consecutive assessment years of an amount equal to 100% of the profits and gains derived from such business. Sub-section (5), opening with a non obstante clause, provides that the profits and gains of an eligible business to which sub-section (1) applies, shall, for the purposes of determining the quantum of deduction under that sub-section, be computed as if such eligible business were the only source of income of the assessee during the releva....
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....order accordingly. If such figures turn out to be correct, then the view taken by the CIT(A) in this regard has to be countenanced. Needless to say, the assessee will be allowed an opportunity of hearing during such proceedings. 7. The other issue which survives in this appeal is against granting of further deduction u/s 35(2AB) amounting to Rs 7,00,38,178/-. The assessee claimed deduction u/s 35(2AB) for a sum of Rs. 5,07,22,898/- in its return of income. A sum of Rs. 7,00,38,178/- was not claimed as deduction under this section for want of receipt of approval from the Competent authority at the time of filing the return of income. Necessary approval was received after the filing of the return and the assessee made claim for the same duri....