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2015 (9) TMI 1404 - AT - Income TaxIncome from scrap sales - eligibility for section 80IB deduction - Held that:- Income arising from sale of scrap is eligible for section 80IB deduction as derived from the manufacturing activity in question. The hon’ble jurisdictional high court in Harjivandas Zaveri case (1999 (12) TMI 5 - GUJARAT High Court ) has adjudicated this very substantial question in asssesee’s favour - Decided against revenue Sec. 80IB disallowance qua income from exchange rate difference - Held that:- We find that the hon’ble jurisdictional high court in CIT vs. Deversons Industries Ltd. [2015 (1) TMI 394 - GUJARAT HIGH COURT ] has considered hon’ble apex court decision in Liberty India vs. CIT (2009 (8) TMI 63 - SUPREME COURT) and holds that such an exchange rate gain is derived from industrial undertaking in question. The Revenue does not quote any case law to the contrary.- Decided against revenue
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