M/S GOA NATURAL FOODS PRIVATE LIMITED,KUNDAIM vs. ACIT, CIRCLE - 2(1), PANAJI

In the result, the appeal filed by the assessee stands partly allowed

Bench: Shri Inturi Rama Rao, Am & Shri S. S. Viswanethra Ravi, Jm आयकर अपील सं. / Ita No.188/Pan/2017 िनधा"रण वष" / Assessment Year : 2009-10 M/S. Goa Natural Foods Pvt. Ltd., Plot No.37 & 38, Kundaim Industrial Estate, Kundaim, Panaji- 403001. .......अपीलाथ" / Appellant Pan : Aaccg7564Q बनाम / V/S. Acit, Circle-2(1), ……""यथ" / Respondent Panaji. Assessee By : None Revenue By : Shri Sourabh Nayak सुनवाई क" तारीख / Date Of Hearing : 08.11.2021 घोषणा क" तारीख / Date Of Pronouncement : 11.11.2021 आदेश / Order Per Inturi Rama Rao, Am: This Is An Appeal Filed By The Assessee Directed Against The Order Of Ld. Commissioner Of Income Tax (Appeals)-1, Panaji (‘Cit(A)’ For Short) Dated 08.02.2017 For The Assessment Year 2009-10. 2. The Appellant Raised The Following Grounds Of Appeal :- “1) The Order Of The Learned Cit(A) Is Bad In Law & Is Void-Ab-Initio. 2) The Assessment Order Passed By The Ld.Ao U/S 143(3) Of The Income Tax Act, 1961, Is Without Jurisdiction & Bad In Law. 3) The Ld.Cit(A) Has Erred In Sustaining The Disallowance Of Rs.2,77,54,053/- Made By The Ao, Whereas The Deduction Claimed By The Assessee U/S 80Ib Was Only Rs.1,64,18,999/-. 4) The Ld Ao Has Erred In Disallowing The Profit As Per Profit & Loss Account Of Rs.2,77,54,053/- Whereas The Profit As Per The Income Tax Act, 1961 Was Only Rs.1,64,18,999/- Which Was Claimed As Deduction U/S 80Ib In The Return Of Income Filled By The Assessee. Hence The Maximum Addition By Way Of Disallowance Of Assessee Claim Of Deduction U/S 80Ib Can Be Only Rs.1,64,18,999/-.

disallowance of assessee claim of deduction u/s 80IB can be only Rs.1,64,18,999/-. 2 5) The ld.CIT(A) has failed to allow the eligible deduction u/s 80IB of the Income Tax Act, 1961 to the assessee, inspite of complying with all the conditions as prescribed under the Act. 6) The ld. AO and CIT(A) has failed