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2016 (2) TMI 1230 - ITAT MUMBAIDeduction u/s 80IB - scrap sale income of Goa unit - AO excluded scrap sale while computing the deduction holding that the same is not derived from industrial undertaking - HELD THAT:- As in FINOLEX CABLES LTD. AND VICE-VERSA [2011 (7) TMI 1153 - ITAT PUNE] the profit on sale of scrap material since had a direct link or nexus with the industrial undertaking and therefore, it is eligible for deduction u/s 80IB. Considering the similarity in language used in sections 80HH and 80IB we are of the considered opinion that the assessee should succeed in this regard also. Also see PREETAM ENTERPRISES VERSUS JT. CIT RANGE 1, KOLHAPUR [2011 (4) TMI 1230 - ITAT PUNE] - Decided against revenue. Depreciation on goodwill - HELD THAT:- As decided in SMIFS SECURITIES LTD. [2012 (8) TMI 713 - SUPREME COURT] Explanation 3 states that the expression 'asset' shall mean an intangible asset, being know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of similar nature. A reading the words `any other business or commercial rights of similar nature' in clause (b) of Explanation 3 indicates that goodwill would fall under the expression `any other business or commercial right of a similar nature' - Decided in favour of assessee.
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