IN THE ITAT, DELHI BENCH
G.S. PANNU, V.P. & K. NARASIMHA CHARY, J.M.
DCIT v. L.T. Foods Ltd.
I.T.A. Nos. 4046, 4164/Del/2013
30 September, 2020
Assessee by: Ajay Vohra, Sr. Advocate, Rohit Jain, Advocate, Deepashree Rao, CA, Vibhu Gupta, CA
Revenue by: J.K. Mishra, CIT/DR
K. Narasimha Charry, J.M.
Challenging the Order, dated 28-3-2013 in Appeal Number 30/11-12/715 passed by the learned Commissioner (Appeals)-XXX III, New Delhi ('Ld. CIT (A)'), in the case of LT Foods Ltd. (previously known as M/s. LT oversees Ltd.) ('the assessee'), for the assessment year 2007-08 both the Revenue and assessee filed these two appeals.
2. Brief facts of the case, as could be culled out from the record, are that the assessee is a company and claims to have been engaged in the 'integrated business of handling, storage and transportation of food grains.' For the assessment year 2007-08, they have filed the return of income on 14-11-2007 declaring an income of Rs. 23,52,760 under the normal provisions of the Income Tax Act, 1961 ('the Act') after availing deduction of Rs. 1,32,500 under section 80G of the Act and Rs. 25,66,86,795 under section 80-IB of the Act, and, however, declared book profit under section 115JB of the Act at Rs. 24,84,93,930.
3. Subsequently, there was search & survey at different business/residential premises of the assessee and group cases under section 132(4) of the Act/133A of the Act on 10-2-2009, pursuant to which notice under section 153A of the Act was issued to the assessee on 7-10-2009 and the assessee, in response to the said notice, filed the return of income on 22-1-2010, declaring a total income of Rs. 39, 83, 900 after availing deduction under section 80G of the Act amounting to Rs. 2, 65, 000 and Rs. 25,66,86,795 under section 80-IB of the Act. After scrutiny, by Order, dated 19-8-2011, the assessment was complete under section 153A of the Act at Rs. 29,98,97,528 after denying the claim of the assessee for deduction under section 80-IB(11A) of the Act and making the following additions :--