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2004 (4) TMI 14 - HC - Income TaxAO rejected the claim of the assessee for being treated as an "industrial company" for the reason that the assessee had no manufacturing activity of its own. The assessee's pharmaceutical products were manufactured by M/s. Martin and Harris (P) Ltd., and the same were marketed through M/s. Walter Sushnell (P) Ltd. - Tribunal held that the assessee-company is not directly engaged in the manufacture of pharmaceutical goods. – Thus, Tribunal was justified in law in coming to its conclusion that the Commissioner of Income-tax (Appeals) erred in holding that the assessee was an industrial company within the meaning of section 2(8)(c) – However, Tribunal was not justified in holding that the printing, publication and distribution of pharmaceutical concerns does amount to publicizing the products and promote the sales - Tribunal was not right in holding that the AO rightly considered the expenditure incurred on account of printing of literature and disallowed the same u/s 37(3A)
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