Ita/5/2016 Of Commissioner Of Income Tax v. M/S. Ganpati Roller Flour Mills

ITA 5/2016BEFORE HON’BLE THE CHIEF JUSTICE MR. AJIT SINGHHON’BLE MR. JUSTICE SUMAN SHYAM (Ajit Singh, C.J.) Mr.S Sarma, learned counsel for the appellant. Mr. GN Sahewalla, learned senior counsel, assisted by Md. Aslam, Mr. P Deka & Mr. A Chetia, learned counsel for the respondent. Heard on admission. This appeal under Section 260-A of the Income Tax Act, 1961 is directed against the order dated 15.11.2013 passed by the Income Tax Appellate Tribunal, GuwahatiBench, whereby it has allowed respondent’s ITA Nos. 161/Gau/2010 for the Assessment Years- 2005-06.2.The Respondent had filed its return of income for the assessment year 2005-06. The Respondent claimed deduction of Rs.74,42,456/- under Section 80 IB ofthe Indian Income Tax Act on the profits and gains of business in respect of Central Transport Subsidy as well as Insurance Subsidy. But the same was disallowed by the Assessing Officer vide order dated 4.12.2007. Aggrieved, the respondentpreferred appeal before the Commissioner of Income Tax, Shillong, who, vide order dated 24.9.2010, has allowed the same. It is against this order, the Revenue has filed the present appeal. 3.It is not disputed by the learned counsel for the appellant that recently the Supreme Court of India vide order dated 9.3.2016 in a bunch of appeals including Civil Appeal No.7622 of 2014 has held that deduction in respect of subsidy is permissible under law. 4.We, therefore, having regard to the settled legal position in the matter, find no justification to admit the appeal. The appeal is accordingly dismissed.