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Income Tax Appellate Tribunal, PUNE “B” BENCH : PUNE
Before: SHRI SATBEER SINGH GODARA & SHRI INTURI RAMA RAO
the “NFAC”] Delhi’s Din and Order No. ITBA/NFAC/S/250/ 2023-24/1060907326(1), dated 14.02.2024, in proceedings u/s.143(3) of the Income Tax Act, 1961 (in short “the Act”).
Case called twice. None appears at assessee’s behest. It is accordingly proceeded ex-parte.
The assessee pleads the following substantive grounds in the instant appeal :
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“On the facts and circumstances of the case and in law the CIT(A), NFAC erred in confirming the disallowance of deduction u/s.80P in respect of the following additions
made by the AO to it’s business income, ignoring the instructions in CBDT Circular No.37/2016 dated
02.11.2016.
Sr.No. Provisions/Expenses Amount (Rs.) 1. Disallowance of expenses under 3,252 section 40(a)(ia) 2. Income chargeable under section 28 1,12,461 3. Income tax paid under section 40a 13,990 4. Provision for Bad Debts 2,20,296 TOTAL 3,49,999
The appellant craves leave to add to, amend, alter, delete or modify all or any of the above ground of appeal or raise a new ground of appeal before or at the time of hearing.”
3. We next note that the NFAC’s impugned lower appellate discussion affirming the assessment findings disallowing the foregoing heads read as under :
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Learned DR could hardly dispute the fact that the NFAC’s lower appellate discussion has already treated the assessee as eligible for sec.80P deduction. That being the clinching case, we find force in the assessee’s sole substantive ground raised herein placing reliance on the CBDT’s circular no.27/2016 that such disallowance(s) as the one in hand before us lead to increases the quantum of regular business income itself; which in turn has already eligible for deduction.
Faced with the situation, we accept the assessee’s instant sole substantive grievance in very terms. Necessary computation shall follow as per law.
This assessee’s appeal is allowed in above terms.
4 ITA.No.496/PUN./2024 Order pronounced in the open Court on 20.06.2024.