J.K PETRO CHEMICALS,UDHAMPUR vs. THE INCOME TAX OFFICER, UDHAMPUR

ITA 68/ASR/2016Status: DisposedITAT Amritsar18 March 2019AY 2010-117 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal found that neither the assessee nor the CIT(A) provided sufficient basis for the profit calculation. Therefore, the orders of the CIT(A) were set aside, and the matter was restored to the CIT(A) for fresh adjudication.

What were the facts?

The assessee claimed deduction under Section 80IB for assessment years 2010-11 and 2011-12, showing exceptionally high profits. The CIT(A) restricted this deduction, citing the assessee's failure to justify the exorbitant profits and comparing them to a comparable case with a net loss.

What were the issues?

Whether the CIT(A) was justified in restricting the Section 80IB deduction based on exorbitant profits without a proper basis, and whether the assessee provided sufficient evidence to justify its claimed profits.

Which sections of the Income-tax Act were involved?

Section 80IB

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, AMRITSAR BENCH, AMRITSAR

Before: Sh. N. S. Saini & Sh. N. K. Choudhry

For Appellant: Shri. Ashwani Kalia, CA
Hearing: 20.02.2019Pronounced: 19.03.2019

Per N. S. Saini, AM: These are appeals filed by the assessee against the order of the CIT(A), Jammu dated 21.06.2013 for the assessment year 2010-11 and dated 18.03.2014 for assessment year 2011-

12.2.

In both the appeals, the sole issue involved is that the CIT(A) erred in restricting the claim for deduction of Rs.3,42,62,680/- in the assessment year 2010-11 and Rs.3,46,21,000/- in the assessment year 2011-12 as against the claim of the assessee of Rs. 30,81,02,973/- in the assessment year 2010-11 and Rs.31,53,81,657/- in the assessment year 2011-12 u/s 80IB of the Act.

ITA Nos. 68 & 69/Asr./2016 2 JK Petro Chemicals

3.

At the time of hearing, the Ld. Coun

The order continues below.

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