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2014 (3) TMI 465 - AT - Income TaxAllowability of exemption u/s. 80IB of the Act – Profit earned as taxable income u/s. 68 of the Act - Revenue was of the view that the firm is non-existent and also the manufacturing activities carried out are not genuine - Held that:- The assessee has complied with rules and regulations and obtained industrial license as SSI unit, Pollution Clearance Certificate from Pollution Control Board towards industrial undertaking, it is registered under Sales tax/VAT - The assessee also produced details of sales and purchase invoice during the course of original assessment proceedings, during the course of set aside proceedings and even before CIT(A) and which were verified by issuing notices u/s. 133(6) of the Act - The AO also verified the transactions of purchase of machinery and sales as well as manufacturing of goods have been accepted – thus, the CIT(A) has rightly allowed the claim of assessee u/s. 80IB of the Act to the assessee being a manufacturing unit and all rules and regulations and necessary permission also obtained on the same plot – Decided against Revenue.
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