KIRLOSKAR BROTHERS LIMITED Vs. DY. COMMISSIONER OF INCOME TAX
INCOME TAX APPELLATE TRIBUNAL
KIRLOSKAR BROTHERS LIMITED
DY. COMMISSIONER OF INCOME TAX
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G.S.Pannu, Member (A) -
(1.) THE captioned cross -appeals by assessee and Revenue are directed against the order of the Commissioner of Income Tax (Appeals) -I, Pune dated 26.02.2010 which, in turn, has arisen from an assessment order dated 29.12.2008 passed by the Assessing Officer u/s. 143(3) of the Income Tax Act, 1961 (in short "the Act"), for the assessment year 2006 -07.
(2.) FIRST , we shall take -up the appeal of the assessee wherein the substantive Ground of Appeal raised relates to denial of assessee's claim for deduction u/s. 80IA of the Act amounting to Rs. 40,02,10,981/ - in respect of infrastructure facility developed for M/s. Sardar Sarovar Narmada Nigam Limited (SSNNL). The assessee before us is a company incorporated under the provisions of the Companies Act, 1956, and is inter -alia, engaged in the business of manufacture and sale of power driven pumps, Valves, Hydro Turbines, Machine, tools as well as trading in engineering and electrical products, project execution and services. For the assessment year under consideration, it filed a return of income on 29.11.2006 declaring total income of Rs. 1,03,47,89,228/ - which was subject to scrutiny assessment. In the ensuing assessment various additions/disallowances were made which was the subject -matter of appeal before the CIT(A) who has allowed partial relief and accordingly assessee as well as Revenue are in appeal before us by way of the captioned cross -appeals.
(3.) THE first major dispute between the assessee and the Revenue, as manifested by Ground of Appeal No. 1 in assessee's appeal relates to assessee's claim for deduction u/s. 80IA of the Act amounting to Rs. 40,02,10,981/ - in relation to profits of an infrastructure project -'Saurashtra Branch Canal Pumping Scheme' executed for M/s. Sardar Sarovar Narmada Nigam Ltd. (hereinafter referred to as 'SSNNL'). The said claim of the assessee has been denied by the Assessing Officer as well as the CIT(A) on the ground that the conditions prescribed in section 80IA(4)(i) of the Act are not fulfilled by the assessee.;
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