M/S LA OPALA RG LTD,KOLKATA vs. ACIT, CIR. 11(1), KOLKATA
In the result, the appeal of the assessee is allowed
ITA 296/KOL/2022[2017-18]Status: DisposedITAT Kolkata24 Nov 2022AY 2017-18
Bench: Shri Sanjay Garg, Hon’Ble & Shri Manish Borad, Hon’Blei.T.A. No. 296/Kol/2022 Assessment Year: 2017-18 M/S. La Opala Rg Ltd. Assistant Commissioner Of Income Eco Centre Tax, Circle-11(1), Kolkata Vs 8Th Floor Em-4, Sector-5 Kolkata - 700091 [Pan : Aaacl5569J] अपीलाथ"/ (Appellant) "" यथ"/ (Respondent) Assessee By : Shri A.K. Tulsiyan, Fca Revenue By : Shri Biswanath Das, Cit D/R सुनवाई क" तारीख/Date Of Hearing : 08/09/2022 घोषणा क" तारीख/Date Of Pronouncement : 24/11/2022 आदेश/O R D E R Per Manish Borad: The Present Appeal Is Directed At The Instance Of The Assessee Against The Order Of Learned Principal Commissioner Of Income Tax, Kolkata -2 (Hereinafter The “Ld. Pr. Cit”) Dt. 29/03/2022, Passed U/S 263 Of The Income Tax Act, 1961 (“The Act’), For Assessment Year 2017-18. 2. Brief Facts Of The Case Is That The Assessee Is A Limited Company & Income Of Rs.52,63,83,260/- Declared In The E-Return Furnished On 31/10/2017 Pertaining To Assessment Year 2017-18. Assessment U/S 143(3) Of The Act Was Completed On 21/12/2019 Assessing Income At Rs.56,22,70,863/-. Thereafter, The Ld. Pr. Cit Called For The Assessment Record & After Going Through The Same It Was Observed That The Order Of The Assessment Was Erroneous Insofar As It Is Prejudicial To The Interest Of The Revenue On The Following Grounds:- “Upon Examination Of Case Records, It Is Observed That The Assessee Had An Income Of Rs. 49,08, 14,480/- From Sitaganj Exempted Unit In Which The Assessee Had Claimed Deduction U/S. 80Ic Of The Act Of Rs. 14,72,44,452/- (30% Of Rs.49,08, 14,480/-). It Was Observed From The Profit & Loss Accounts Of The Assessee For The Year Ended 31.03.2017 That The Assessee Had Credited An Amount Of Rs. 2,43,75, 193/- From Export Incentives & Also
For Appellant: Shri A.K. Tulsiyan, FCAFor Respondent: Shri Biswanath Das, CIT D/R
Section 143(3)Section 263Section 37(1)Section 80Section 801CSection 80I
801C of the Act, the assessee had taken into consideration the above mentioned income totalling to Rs. 2,69,15,145/-, which violates the provisions of section 80/C(2), which clearly states that the deduction is strictly restricted to only from Profit & gain of the assessee derived from business. However, the amount
