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| The Tax Publishers2020 TaxPub(DT) 0863 (Bom-HC) INCOME TAX ACT, 1961
Section 80IB(10)
Where CBDT Notification No. 2 of 2011 dated 05-01-2011 clarified that projects covered by section 80-IB(10) would be eligible for deduction under the said provision from assessment year 2005-06 on wards and this notification was not available before the Tribunal as it was issued afterwards, therefore, order was set aside for re-hearing after giving further opportunity of hearing.
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Deduction under section 80-IB(10) - Allowability - Condition precedent -
Issue arose for consideration as to whether amendment to section 80-IB(10)(b) vide Finance (No.2) Act, 2004 that substituted section 80-IB(10) as it stood then and relaxed the condition imposed by section 80-IB(10)(b) by introducing proviso to section 80-IB(10) (b) is clarificatory and retrospective in nature and has retrospective operation. Held: There is a CBDT Notification No. 2 of 2011 dated 05-01-2011 which clarifies that projects covered by section 80-IB(10) would be eligible for deduction under the said provision from assessment year 2005-06 on wards. In Ramesh Gunshi Dedhia's case Income Tax Appeal No. 653 of 2012 Order, dated 08-8-2014 this notification was not available before the Tribunal as it was issued afterwards. He further submitted that in later assessment years Tribunal had relied upon the said notification of the CBDT and granted relief to assessee. Therefore, order was set aside for re-hearing after giving further opportunity of hearing.
REFERRED : Ramesh G. Dedhia v. ITO & Ors. Income Tax Appeal No. 653 of 2012 Order, dated 08-8-2014 M/s. Bhavya Construction Co. v. ACIT (2017) 162 ITD 0352 (Mum) : 2017 TaxPub(DT) 0126 (Mum-Trib)
FAVOUR : In assessee's favour by way of remand
A.Y. :
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