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2011 (12) TMI 150 - AT - Income TaxEligibility of deduction u/s 80IB – rejected on basis that the number of workers working in the manufacturing process was less than 10 – deduction of expenses towards salary & wages – benefit of indexation on UTI-deep discount bonds - Held that:- A.O. has not considered workers engaged in another washing unit of same activity. Workers engaged in all the units are required to be considered while computing total number of workers employed by the assessee. Though the name of workers engaged in bottle washing unit were not entered into muster roll but were in the wages register and attendance register. This issue has been decided by the Tribunal in Cavour of the assessee in his own case thereby, assessee is eligible for deduction u/s 80IB and expenses towards salary & wages are also allowed. - Decided against the Revenue It is also held that UTI-MIP-99 is a bond & hence, the assessee is not eligible for indexation in view of 3rd proviso to Section 48. - Decided in favor of Revenue.
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