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15-04-2019, Ozone Pharmaceutical, Section 80IC, 43B, 40A(2)(b), Tribunal Delhi

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5 days 21 hours ago #9165 by amit
Section - 80IC, 43B, 40A(2)(b), 14A, 8D
Order Date - 15-04-2019
Favouring - Revenue Partly allowed for statistical purposes
Court - Tribunal Delhi
Appellant - Ozone Pharmaceutical Ltd.
Respondent - ACIT
Justice - Amit Shukla JM & Amit Shukla AM
Citation - 419Taxpundit200
Appeal No. - ITA Nos. 2935, 2936 & 2937/Del/2015
Asstt. Year - 2008-09, 2009-10 & 2010-11

Order

PER : Amit Shukla

The aforesaid cross appeals filed by the assessee and the Revenue are directed against separate orders of ld. CIT(A)-7, New Delhi all dated 03.03.2015 for the assessment years 2008-09, 2009-10 and 2010-11 respectively. The grounds raised by both the parties in their respective appeals read as under :

Grounds raised by assessee :

A.Y. 2008-09:

1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in not allowing the statutory claim of deduction u/s 80IC of Rs.56,78,153/- pertaining to Guwahati Unit and has further erred in restricting the deduction to the extent of Rs.4,90,68,559/- instead of Rs 5,47,46,712/- as claimed by the assessee and that too by recording incorrect facts and findings and without giving adequate opportunity of hearing.

2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in not allowing the statutory claim of deduction u/s 80IC of Rs.56,78,153/- pertaining to Guwahati Unit and has further erred in restricting the deduction to the extent of Rs.4,90,68,559/- instead of Rs.5,47,46,712/- as claimed by the assessee is bad in law and against the facts and circumstances of the case.

3. Without prejudice to the above ground and having regard to the facts and circumstances of the case, deduction u/s 80IC should have been allowed on the amount of income assessed by Ld. AO. A.Y. 2009-10:

1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in not allowing the statutory claim of deduction u/s 80IC of Rs. 1,09,81,936/- pertaining to Guwahati Unit and has further erred in restricting the deduction to the extent of Rs. 1,64,93,324/- instead of Rs.2,74,75,260/- as claimed by the assessee and that too by recording incorrect facts and findings and without giving adequate opportunity of hearing.

2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in not allowing the statutory claim of deduction u/s 80IC of Rs.1,09,81,936/- pertaining to Guwahati Unit and has further erred in restricting the deduction to the extent of Rs. 1,64,93,324/- instead of Rs.2,74,75,260/- as claimed by the assessee is bad in law and against the facts and circumstances of the case.

3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not deleting the disallowance of Rs.10,55,810/- fully as made by Ld. AO u/s 14A read with Rule 8D and has further erred in sustaining the disallowance to the extent of Rs.1,55,707/- under Rule 8D(2)(iii) of Income Tax Rules, 1962.

4. That in any case and in any view of the matter, action of Ld. CIT(A) in not deleting the disallowance of Rs.10,55,810/- fully as made by Ld. AO u/s 14A read with Rule 8D and has further erred in sustaining the disallowance to the extent of Rs. 1,55,707/- under Rule 8D(2)(iii) is bad in law and against the facts and circumstances of the case.

5. Without prejudice to the above ground and having regard to the facts and circumstances of the case, deduction u/s 80IC should have been allowed on the amount of income assessed by Ld. AO.

A.Y. 2010-11:

1. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in reducing the claim of deduction u/s 80IC to the extent of Rs.34,70,235/- instead of Rs. 1,45,58,026/- as claimed by the assessee in its return of income and that too by recording incorrect facts and findings and without giving adequate opportunity of hearing and in violation of principles of natural justice.

2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in reducing the claim of deduction u/s 80IC to the extent of Rs.34,70,235/- instead of Rs.1,45,58,026/- as claimed by the assessee is bad in law and against the facts and circumstances of the case.

3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in disallowing a sum of Rs. 18,24,490/- on account of interest of FNCR which was to be paid to the bank on the accrual basis as per law.

4. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in disallowing a sum of Rs. 18,24,490/- on account of interest of FNCR is bad in law and against the facts and circumstances of the case.

5. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not deleting the disallowance of Rs.14,54,111/- fully as made by Ld. AO u/s 14A read with Rule 8D and has further erred in sustaining the disallowance to the extent of Rs. 1,09,400/- under Rule 8D(2)(iii) of Income Tax Rules, 1962.

6. That in any case and in any view of the matter, action of Ld. CIT(A) in not deleting the disallowance of Rs.14,54,111/- fully as made by Ld. AO u/s 14A read with Rule 8D and has further erred in sustaining the disallowance to the extent of Rs. 1,09,400/- under Rule 8D(2)(iii) is bad in law and against the facts and circumstances of the case.

7. Without prejudice to the above ground and having regard to the facts and circumstances of the case, deduction u/s 80IC should have been allowed on the amount of income assessed by Ld. AO.

2. From the aforesaid grounds of appeal, it emerges out that the assessee has challenged sustenance of following additions by the ld. CIT(A) in all the three assessment years under consideration :

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