{"id":2036,"date":"2018-08-22T14:45:17","date_gmt":"2018-08-22T14:45:17","guid":{"rendered":"http:\/\/itatonline.org\/digest\/turbo-energy-p-ltd-v-asst-registrar-itat-chennai-2018-255-taxman-175-madhc\/"},"modified":"2018-10-19T05:50:49","modified_gmt":"2018-10-19T05:50:49","slug":"turbo-energy-p-ltd-v-asst-registrar-itat-chennai-2018-255-taxman-175-madhc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/turbo-energy-p-ltd-v-asst-registrar-itat-chennai-2018-255-taxman-175-madhc\/","title":{"rendered":"Turbo Energy (P.) Ltd .v. Asst Registrar, ITAT, Chennai (2018) 255 Taxman 175 \/ 168 DTR 380\/ 304 CTR 322 (Mad)(HC)"},"content":{"rendered":"<p>Court held \u00a0that ;(i) AO \u00a0had no independent material in his hands while rejecting assessee\u2019s claim for deduction under S. 80IC of the Act.\u00a0 The Assessing Officer could not have gone beyond the observations rendered or findings recorded by the Central Excise Department as even in the show cause notice there is a reference only to the findings recorded by the Central Excise Department. (ii)Tribunal\u2019s order explained the fact that the trading volume was minuscule and if it was <em>prima facie<\/em>observation made by ITAT, a thorough exercise should have been done by the ITAT as to whether Assessing Officer was justified in denying the entire deduction as claimed by assessee. (iii).30\u00a0percent of the tax demand has already been paid \/ adjusted which sufficiently safeguards the interest of the Revenue and is in line with the CBDT circular imposing condition to pay 20\u00a0percent of the tax demand for stay of balance tax demand.\u00a0 Hence, the assessee has made out a prima facie case for grant of interim order and Revenue has also been sufficiently protected. (WP. Nos 8241 to 8245 of 2018 dt. 06-04-2018)(AY.\u00a02011-12, 2012-13 ,2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 254(1): Appellate Tribunal \u2013 Stay of demand \u2013 Assessing Officer based on the information from the Central Excise Department rejected claim under S. 80IC of the Act \u2013 No independent inquiries conducted by Assessing Officer, apart from relying on information from Central Excise Department \u2013 30% of tax demand deposited by Assessee &#8211; Assessee has made out a strong prima facie case in its favour for stay of balance demand. [ S.80IC  ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2036","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-wQ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=2036"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2036\/revisions"}],"predecessor-version":[{"id":2559,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/2036\/revisions\/2559"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=2036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=2036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=2036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}