ARMSTRONG SPINNING MILLS PVT LTD,TIRUPUR vs. ADIT, CENTRALIZED PROCESSING CENTRE, BANGALORE

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ITA 602/CHNY/2022Status: DisposedITAT Chennai26 January 2023AY 2018-20192 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the deduction under Section 80IA cannot be denied if Form 10CCB is filed before the final assessment order, following the Supreme Court's decision in CIT Vs. G.M. Knitting Industries (P) Ltd. The AO was directed to allow the deduction after verifying the figures.

What were the facts?

The assessee filed its return of income on 31.10.2018 and Form 10CCB on 01.11.2018. The deduction under Section 80IA was denied because Form 10CCB was not filed along with the return of income.

What were the issues?

Whether denial of deduction under Section 80IA is justified when Form 10CCB is filed after the return of income but before the final assessment order.

Which sections of the Income-tax Act were involved?

Section 80IA

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, ‘C’ BENCH, CHENNAI

Before: HON’BLE SHRI MAHAVIR SINGH & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

आदेश / O R D E R Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2018-19 arises out of the order of learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC) [in short ‘CIT(A)’] dated 23-05-2022 in the matter of an intimation issued by Centralized Processing Centre (CPC), Bangalore u/s 143(1) vide order dated 21.02.2020. The sole grievance of the assessee is denial of deduction u/s. 80IA due to the fact that Form 10CCB was not field along with return - 2 - of income. Admittedly, the return of income was filed on 31.10.2018 whereas Form 10CCB was filed on next day i.e., 01.11.2018.

2.

It emerges that the issue stand covered in assessee’s favor by the decision of Hon'ble Supreme Court in the case of CIT Vs. G.M. Knitting Industries (P) Ltd. (2016) 71 taxmann.com 35 (SC) dated 24-07- 2015 which has been followed by co-ordinate benches of this Tribunal in M/s. Roopa Steam Calendering Works Vs. DCIT (ITA No.284/Chny/2022 dated 18-08-2022) as well as in M/s Anugraha Fashion Mill Pvt. Ltd. Vs. DCIT (ITA Nos.883 & 865/Chny/2020 dated 21-12-2022) to hold that the deduction could not be denied if Form 10CCB was filed before final order of assessment was made. Respectfully following the same, we direct Ld. AO to allow impugned deduction. 3. The Ld. CIT-DR has pointed out that the figures as mentioned in Form 10CCB do not matches with the claim of the assessee. To dispel the same, we direct Ld. AO to verify the fact that the claim made by the assessee is duly supported by the claim worked out in Form 10CCB. 4. In the result, the appeal stand allowed in terms of our above order. Order pronounced on 30th January, 2023.

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