THE DCIT, 5(1), BHOPAL vs. M/S. SANWARIA AGRO OILS LTD., BHOPAL

ITA 288/IND/2015Status: DisposedITAT Indore16 January 2018AY 2010-1114 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that the assessee was eligible for the Section 80IA deduction as they had opted for the correct assessment year and that the taxes paid under Section 43B were deductible as they were actually paid during the year, irrespective of accounting treatment.

What were the facts?

The assessee, engaged in solvent extraction and wind power generation, claimed deduction under Section 80IA. The Assessing Officer denied this deduction, and also disallowed a claim under Section 43B for taxes paid but not debited to the profit and loss account.

What were the issues?

Whether the assessee is eligible for deduction under Section 80IA when brought forward losses were set off, and whether taxes paid but not debited to P&L are deductible under Section 43B.

Which sections of the Income-tax Act were involved?

Section 80IA,Section 43B,Section 143(3)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, INDORE BENCH, INDORE

Before: SHRI KUL BHARAT & SHRI MANISH BORAD

For Respondent: Shri K.G. Goyal, Sr.DR, Shri Anil Khabya,CA (AR)
Hearing: 10.01.2018Pronounced: 16.01.2018

PER MANISH BORAD, AM.

This appeal filed by the Revenue is directed against the order of ld. Commissioner of Income-tax (Appeals)-I, Bhopal [in short referred to as the CIT (A)] dated 10.03.2015 arising out of the order u/s 143(3) of the Income Tax Act dated 28.03.2013 framed by the Ld. Dy. Commissioner of Income-tax-1(1), Bhopal pertaining to Assessment Year 2010-11. ITA No.288/Ind/2015 Asst. Year 2010-11

2.

Briefly stated facts as culled out from the records are that the assessee is a limited company engaged in the business of solvent extraction plant and wind power generation. The activities undertaken by the assessee are covered under the category of indust

The order continues below.

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