2025 (10) TMI 1361

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....red in law and fact in upholding disallowance u/s 80IB(114) amounting to Rs. 8,73,57,770 made by learned DCIT, CPC (hereinafter referred to as the learned I-T authorities) in intimation order u/s 143(1). 2. The learned I-T authorities erred in law and on facts in disallowing the deduction of Rs. 8,73,57,770/- claimed u/s 80IB(11A) without taking into consideration the submission filed by the appellant for the year under consideration. 3. The learned I-T authorities ought to have appreciated that delay filing of Form 10CCB will not disentitle the appellant from an eligible deduction, considering the liberal interpretation of section 80IB (11A) of ITA, 1961. 4. The learned I-T authorities erred in law in disallowing....

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....report was furnished well before passing of 143(1) intimation order. Ld. DR appearing from side of the Revenue relied on various judgements passed by Hon'ble Courts and also relied on some decisions passed by coordinate benches of this Tribunal. In this regard, we find that the judgement passed by Hon'ble Supreme Court in the case of PCIT vs. Wipro Ltd. (2022) 140 taxmann.com 223 (SC) and the judgement passed by Hon'ble High Court of Orissa in the case of Discoverture Solutions (India) (P.) Ltd. vs. DCIT (2023) 147 taxmann.com 262 (Orissa) are related to exemption and not deductions hence not applicable to the facts of the instant case. The judgement passed by Hon'ble High Court of Bombay in the case of Rohan Korgaonkar vs. DCIT (2024) 159 ....

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....e filing of audit report in Form 10DA would disentitle the assessee from claiming deduction u/s.80JJAA of the Act, when the said Form 10A was available to the Ld. AO at the time of assessment proceedings. The assessee in this case filed the Form 10A on 27.10.2023 as against the due date of 30.09.2023 but, the same was available to the AO at the time of processing the return of income as the notice u/s. 143(1)(a) of the Act was issued by the CPC to the assessee on 23.11.2023. 3. The issue is squarely covered by the decision of Hon'ble Supreme Court in the case of CIT V. G. M Knitting bahotries (P) Ltd. (2016/12 SCC 272/[2016] 71 taxmann.com 35/376 ITR 456 (SC), wherein the Hon'ble Supreme Court has held that, even though it ....

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....h claiming an additional depreciation under section 32(1)(ii-a) of the Act. As per the settled position of law, an assessee claiming exemption has to strictly and literally comply with the exemption provisions. Therefore, the said decision shall not be applicable to the facts of the case on hand, while considering the exemption provisions. Even otherwise, Chapter III and Chapter VIA of the Act operate in different realms and principles of Chapter III, which deals with "income which do not Form a part of total income", cannot be equated with mechanism provided for deductions in Chapter VIA, which deals with "deductions to be made in computing total income". Therefore, none of the decisions which are relied upon on behalf of the assessee on i....