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| The Tax Publishers2020 TaxPub(DT) 5026 (Karn-HC) INCOME TAX ACT 1961
Section 80-IA(4)(iii)
Where Tribunal has failed to assign any reasons for recording the finding of fact as to whether or not the assessee has fulfilled the conditions laid down in the scheme, there was no option but to quash the order passed by the Tribunal.
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Deduction under section 80-IA(4)(iii) - Allowability - Assessee not fulfilling conditions for availing deduction -
Revenue filed appeal against the order of Tribunal, wherein it was held that assessee was eligible for claim of deduction under section 80-IA(4)(iii), even though the conditions laid down by the Ministry of Commerce for the same had not been fulfilled by the assessee as noted by AO after physical verification of the premises and recorded perverse finding. Held: No dispute with the legal proposition that in order to claim the benefit of deduction under section 80-IA(4)(iii), the conditions mentioned in the Scheme have to be complied with. In the present case, the order of the Tribunal was cryptic and no finding had been recorded by the Tribunal whether or not the assessee had fulfilled the conditions laid down in the scheme. Thus, the order passed by Tribunal was liable to be quashed.
REFERRED :
FAVOUR : Against the assessee.
A.Y. : 2008-09
IN THE KARNATAKA HIGH COURT
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