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| The Tax Publishers2020 TaxPub(DT) 2639 (Del-Trib) INCOME TAX ACT, 1961
Section 32A(6)
Where Tribunal remanded matter back to AO to see whether assessee fulfilled conditions of section 32A(6), then AO could not laid emphasis on provisions of section 72A in remand proceedings and deny unabsorbed investment allowance, more particularly when assessee elaborately showed that conditions specified in section 32A(6) were fulfilled.
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Investment allowance - Allowability of unabsorbed investment allowance - Tribunal remanded matter to verify compliance of conditions of section 32A(6) - AO relying on section 72A denied allowance in remand proceedings
Only issue raised in instant appeal filed by revenue was against deletion of addition made on account of unabsorbed investment allowance amounting to Rs. 4,18,31,075. Held: In view of provisions of section 32A(6), Tribunal remitted matter back to AO to see whether assessee fulfilled conditions of section 32A(6). However, AO laid emphasis on provisions of section 72A, which was misplaced. AO (incumbent who submitted remand-report) completely went beyond directions Tribunal and repeated provisions of section 72A, which AO relied upon in original assessment order and which were adjudicated upon by Tribunal. Specific issue which remained to be decided was whether various conditions as specified in section 32A(6) and the section 32A(4), 32A(3) as referred in section 32A(6) were fulfilled in assessee's case. Assessee elaborately showed that conditions specified in section 32A(6) were fulfilled by it, therefore, claim of assessee was fully justified.
REFERRED :
FAVOUR : In assessee's favour
A.Y. : 1995-96
IN THE ITAT, NEW DELHI BENCH
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