M/S.HIBU INDIA PRIVATE LIMITED,BANGALORE vs. DEPUTY COMMISSIONER OF INCOME-TAX, BANGALORE

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ITA 1308/BANG/2016Status: DisposedITAT Bangalore18 April 2018AY 2010-20112 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal allowed grounds 3 to 6 raised by the assessee, stating that profits attributable to disallowance of expenditure are eligible for exemption under Section 10A. However, ground 2 raised by the assessee was dismissed.

What were the facts?

The assessee, M/s. Hibu India Private Limited, filed appeals against the orders of the CIT(A) for assessment years 2009-10 and 2010-11. The appeals involved common issues and were heard together.

What were the issues?

Whether profits attributable to disallowance of expenditure are eligible for exemption under Section 10A of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 10A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, BANGALORE BENCH ‘A’

Before: SHRI N.V VASUDEVAN & SHRI. JASON P BOAZ

For Appellant: Shri C. Ramesh, CA
For Respondent: Shri B.R Ramesh, JCIT

PER SHRI N.V VASUDEVAN, JUDICIAL MEMBER :

1.

These are appeals by the assessee against the order dated 15/2/2016 and 16.5.2016 of Commissioner of Income-tax (Appeals) – 7 & 3, Bangalore, respectively, relating to asst. year 2009-10 & 2010-11.

2.

These appeals filed by same assessee for two different assessment years were heard together. Since common issues are involved in these appeals, we deem it convenient to pass a common order.

(ii) Profits attributable to disallowance of expenditure are also eligible for exemption U/s.1OA of the act.

16.

These grounds are identical to the grounds raised in Bang/2016 by the Assessee for AY 2009-10. For the reasons stated while adjudicating identical grounds of appeal. We allow ground No.3 to 6 raised by the assessee and dismiss ground No.2 raised by the assessee. The appeal is thus partly allowed

17.

In the result, both the appeals are partly allowed.

Order pronounced in the open court on 18th April, 2018.

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