Assessee claimed deduction under section 10AA. AO re-computed amount deductible after set off of loss from business with profit of eligible units under section 10AA. Held: Deduction under section 10A would be prior to the commencement of exercise to be undertaken under Chapter VI and profit of eligible units claiming deduction under section 10A/10AA had to be allowed without setting off of losses of non eligible/other units.AO was directed accordingly.
IN THE ITAT, MUMBAI BENCH
G. MANJUNATHA, A.M. & RAVISH SOOD, J.M.
Genesys International Corporation Ltd. v. DCIT
ITA No. 7574/Mum/2019
4 March, 2020
Assessee by: V. Chandrasekhar & Harshad Shah, ARs
Revenue by: V. Vinod Kumar, DR
G. Manjunatha, A.M
This appeal filed by the assessee is directed against, the order of the learned Commissioner (Appeals)-16, Mumbai, dated 30-10-2019 and it pertains to assessment year 2011-12.
2. The assessee has raised the following grounds of appeal :--
1. On the facts and circumstances of the case and in law, the Hon'ble Commissioner (Appeals) -18 ('CIT) erred in not considering the objection of the Appellant to the reasons for the reopening of the assessment under section 147 of Income tax Act, 1961(the Act)
2. On the facts and circumstances of the case and in law, the Hon'ble Commissioner (Appeals) erred in , not considering that notice issued under section 148 the Act as invalid and void ab initio as the reason recorded amounts to reason to suspect and do not amount to reason to believe and the said reason do not constitute belief.
3. On the facts and circumstances of the case and in law, the Hon'ble Commissioner (Appeals) erred in upholding the re-opening of the assessment as valid without considering the facts that Appellant had truly and fully disclosed all facts for setting off of losses of non-eligible unit against the eligible, filled report under section 10AA and the same was disclosed in the Computation of Income, during the Original scrutiny assessment