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2012 (4) TMI 465 - HC - Income TaxDeduction u/s 80 HHC on export incentives received by the assessee as a supporting manufacturer in the same manner as in the case of direct exporter, treating the supporting manufacturer at par with the direct exporter – revenue appeal - Held that:- Court being the jurisdictional Court has already decided the issue raised in Special Leave Petition against the revenue and the instant appeal will follow the suit – in favour of assessee. Addition of Rs. 8,38,77,635/- made by the AO on account of difference in the value of stock as per stock statement submitted to the Bank and that as per the books of account – Held that:- The mere fact that value furnished to the bank is without any detail or verification by the bank may not constitute the basis to make additions - there are categorical finding that the assessee- respondent had maintained broad details of the stock, its consumption, production and closing balance and the accounts have been maintained on day to day basis which have been accepted by the Excise and VAT authorities – in favour of assessee. Depreciation - depreciation @ 50% on the purchase of machinery under TUF Scheme as against depreciation @ 25% allowed by the A.O.- Held that:- The machinery has been purchased as per TUF Scheme, making the assessee- respondent eligible for deduction at higher rate - the nature of stock purchasing is a finding of fact and revenue- could not advance any argument warranting admission of the appeal – in favour of assessee.
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