CONVENTIONAL FASTNERS Vs. COMMISSIONER OF INCOME TAX, DEHRADUN

JUDGEMENT

(1.) There is delay of 68 days in filing ITA No. 21 of 2017. In the circumstances, after hearing the learned counsel for the parties, the Application (CLMA No. 11172 of 2017) for condonation of delay will stand allowed and the delay will stand condoned.

(2.) Appeals being connected, we are disposing of the same by a common judgment. These Appeals are maintained under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act).

(3.) Ita No. 24 of 2015 is directed against the judgment of the Tribunal, and the order came to be passed in respect of assessment year 2009-10. The assessee is an undertaking, which manufactures electric meters. It claimed the benefit of Section 80-IC of the Act. The Assessing Officer noted that the assessee had earned a net profit of Rs. 54,31,995/- and the entire amount was allowed as deduction under Section 80-IC of the Act. The Commissioner of Income Tax initiated proceedings under Section 263 of the Act. After show cause and opportunity to the appellant, the order came to be interfered with on the following reasoning: