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2012 (4) TMI 223 - HC - Income TaxValidity of revisionary powers exercised by CIT u/s 263 – assessee claimed deduction u/s 80-IC in respect of income derived from assembly of colour TV which was claimed to be "manufacturing activity" - CIT dis-allowed deduction on ground that no manufacturing activity is carried on – Held that:- Tribunal while holding that exercise of revisionary jurisdiction by the Commissioner was not called for, upheld the view that producing of TV sets by purchasing items like cabinet, chassis, IC picture tube could be held to be manufacturing. Moreover, High Court in various cases have held that when a new and different article emerges having distinctive name, character and use, the process could be held to be manufacturing - order of the Tribunal cannot be held to be erroneous – Decided in favor of assessee.
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