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2011 (7) TMI 664 - HC - Income TaxIssue: the deduction u/s 80P(2)(a)(iii) to the assessee as sugar and molasses are not the marketable agricultural produces grown by the members? Main query: "the deduction u/s 80P(2)(a)(iii) to the assessee as sugar and molasses are products of a complex manufacturing process which involves usage of Plant and Machinery. Held that: Assessing Officer not to allow deduction to the assessee under Section 80P(2)(a)(iii) of the Act by relying upon the decision of the jurisdictional High Court in the case of Karnal Cooperative Sugar Mills Ltd. v. CIT [2002] 253 ITR 659 (Punj. & Har.) and in the case of National Agriculture Cooperative Marketing Federation of India Ltd. v. Union of India - No deduction to the assessee on the ground that the sugar and molasses were by-products of a complex manufacturing process involving usage of plant and machinery.
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