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2010 (2) TMI 936 - AT - Income TaxWhether there is requirement of manufacturing or producing the articles by the assessee itself or the assessee can get part of these activities done from outsiders and still be entitled to deduction under s. 80-IB - assessee, on its own, does not have necessary wherewithal to undertake all activities for manufacturing the pedals - Merely because some raw material is readily purchased from the market and some raw material is got manufactured by outsourcing, but when the final product is made by the assessee himself, it cannot be said that the assessee is not engaged in the manufacturing, assessee is entitled for deduction under s. 80-IB, AO directed to allow the deduction to the assessee as claimed under s. 80-IB - Decided in favor of assessee. However, exemption u/s 80IB denied in respect of interest earned of Rs. 73,844 on performance guarantee bond and earnest money deposit.
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