ITO, BANGALORE vs. M/S OFFSHORE ANALYTICS INDIA PVT. LTD., BANGALORE

ITA 737/BANG/2014Status: DisposedITAT Bangalore14 August 2015AY 2007-086 pages
AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that deduction under Section 10A of the Act should be allowed on the assessed income, which includes profits enhanced due to disallowances. This decision was based on the reasoning that there is no statutory provision to exclude such enhanced profits from the Section 10A calculation.

What were the facts?

The Assessing Officer disallowed a certain amount under Section 40(a)(ia) and consequently did not allow deduction under Section 10A on the enhanced profits. The CIT(A) upheld the disallowance but allowed Section 10A deduction on the enhanced profits, relying on a coordinate bench decision.

What were the issues?

Whether enhanced profits arising from disallowances are eligible for deduction under Section 10A of the Income-tax Act.

Which sections of the Income-tax Act were involved?

Section 10A,Section 40(a)(ia)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(2)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, BANGALORE BENCH C, BANGALORE

Before: SHRI. N. V. VASUDEVAN & SHRI. ABRAHAM P. GEORGE

For Appellant: Shri. Sachin Mehta, CA

PER ABRAHAM P. GEORGE, ACCOUNTANT MEMBER :

In this appeal filed by Revenue, its grievance is that CIT (A) allowed enhanced deduction u/s.10A of the Income-tax Act, 1961 (‘the Act’ in short), to the assessee relying on the decision of the coordinate bench in the case of Bearing Point Business v. DCIT [MP.No.45/Bang/2013, dt.05.07.2013).

02.

Facts apropos are that assessee had claimed deduction u/s.10A of the Act which was duly allowed to it. However, there was a disallowance of ITA.737/Bang/2014 Page - 2

Rs.2,60,21,089/-, u/s.40(a)(ia) of the Act. On such disallowance the AO did not allow deduction u/s.10A of the

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 10A

All 2,147 judgments and leading authorities on Section 10A →

Recent GST High Court judgments

Search GST case law →