INCOME TAX OFFICER Vs. SWASTIK ASSOCIATES

JUDGEMENT

(1.) THIS appeal by the Revenue is directed against the order of the Ld.Commissioner of Income Tax (Appeals) -XV, Ahmedabad ('CIT(A)' for short) dated 24/02/2011 pertaining to Assessment Year (AY) 2008

(2.) THE Revenue has raised the following grounds of appeal: -

(3.) BRIEFLY stated facts are that the assessee filed its return of income declaring NIL income and claimed deduction u/s.80IB(10) of the Act of Rs.1,07,27,257/ - on 16/09/2008. The case was selected for scrutiny assessment and the assessment u/s.143(3) of the Income Tax Act,1961 (hereinafter referred to as "the Act") was framed vide order dated 30/11/2010, thereby the Assessing Officer(AO) disallowed the deduction amounting to Rs.1,07,27,257/ -. Against this, assessee filed an appeal before the ld.CIT(A), who following the orders in Asst.Years 2006 -07, 2007 -08 allowed the appeal. Against the order of the ld.CIT (A), now the Revenue is in appeal before us.