JUDGMENT :

K.Somashekar, J.

1.This appeal is filed by the appellants/revenue seeking to set aside the order passed by the Income Tax Appellate Tribunal, ‘C’ Bench, Bengaluru (for short “ITAT”) in ITA No.653 (Bang) 2015, dated 29.07.2016; to confirm the order passed by the Deputy Commissioner of Income Tax, Central Circle 1(3), Bengaluru (for short “DCIT”) and to pass such other suitable order as deems fit in this appeal.

2.Heard the learned standing counsel Shri Y.V. Raviraj for appellants/revenue and the learned counsel Shri Mayank Jain for respondent/assessee. Perused the order dated 29.07.2016 passed by the ITAT in ITA Nos.653 (Bang) 2015 for the Assessment Year 2010-11.

3.The factual matrix of this appeal is that the assessee Company is engaged in the business of iron ore mining and has been allotted 131 acres of mining area by the Government of Andhra Pradesh. It transpired that the mining activities consisted of extraction and excavation of iron ore, screening, crushing, breaking, quality assignment through labor and machinery and sale in the domestic and international market. The assessment came to be completed by the Assessing Authority under Section 143(3) of the Income Tax Ac