CIT Vs. CARYAIRE EQUIPMENTS INDIA PVT. LTD.

JUDGEMENT

(1.) THIS matter is taken up today since 14.04.2015 was declared a holiday.

(2.) THE revenue is in appeal against various orders of the Income Tax Appellate Tribunal (ITAT) in respect of the assessee whose claim for deduction under Section 80 -IA of the Income Tax Act, 1961 (hereafter "the Act") was confirmed by the CIT(A). The ITAT rejected the revenue's appeal. The main order in the present batch of appeals is in respect of AY 2001 -02 by the ITAT in ITA 3016/Del/2008.

(3.) BY the impugned order, ITAT affirmed the findings of the order of CIT(A). The ITAT was of the opinion that given the nature of the order of the CIT(A) who had remitted the matter to the AO for computation purposes to allow such benefit of Section 80IA, having regard to the activities in Unit -II, the benefit of the provision could not have been excluded altogether. The ITAT also recorded the finding that the assessee could not be accused of creating a tax evasion device.