Ayush Ajay Construction Ltd. vs. ITO, 79 ITD 213 (Indore) (8) Chetak Enterprises P. Ltd. v. ACIT

Ultratech Cement Limited, Mumbai vs. Principal Commissioner of Income Tax - Central - 1, Mumbai

Appeals of the assessee are allowed

Bench: Shri Rajesh Kumar & Shri Amarjit Singhita No. 3000/Mum/2018 (Assessment Year: 2010-11) Ita No. 3001/Mum/2018 (Assessment Year: 2012-13)

…Court in the appellant's own case for AY 2008-09 has taken negative view on this issue. vi. since the orders proposed to be revised were passed under section 153C r.w.s. 143(3) of the Act, they are not time barred. vii. the case of Ocean Sparkle Ltd. v. DCIT (99 TTJ 582) is distinguishable on facts and hence not applicable.”’ Thus, the Pr. CIT has observed that A.O has not made proper enquiries required for taking a decision on the issue of allowability of deduction u/s 80(IA)(4) of the Act in respect of profit from Jetty and thus, the case falls within the explanation 2 to Sec. 263 of the Act by holding that ord…