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2010 (10) TMI 748 - AT - Income TaxDisallowance - Deduction u/s 80IB - income from sale of scrap, interest - Unexplained cash credit - no credible evidence has been furnished before us so as to show the source from where additional capital has come - At least some basic documents should have been shown for enabling the Tribunal go give further opportunity to the assessee Regarding deduction u/s 80IB - New unit - even though the assessee has constructed building, installed new plant and machinery at the new place but the fact remains that entire business was shifted from one place to another - It is undisputed fact that assessee has purchased entirely new plant and machineries, set up a new unit, at a new location with investment of fresh capital. It would be a case of setting up of a new unit - The essential difference lies in change in location and installation of new infrastructure in the form of factory building and plant and machinery, whether assessee carries out the same business or different business is not an essential ingredient to hold it is a reconstruction or not - there are several decisions in favour of the assessee where these terminologies, namely “re-construction of business” or “splitting up of business” or even “transfer of business” have duly been deliberated upon which needs no detailed discussion - The old unit was closed down way back in the year 1998 and the new unit had come up in the year 2002 and an entirely new building was constructed with the deployment of new technology to manufacture new type of telephone instrument - Exemption u/s 80IB allowed - Decided in favor of assessee.
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