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2012 (11) TMI 622 - AT - Income TaxBenefit of Deduction u/s 80 IB – Whether casual,contract labour and electrician be considered as Employee of Co. - held that:- the casual and contract employees including electrician has to be taken into account for the purpose of calculating number of employees. Once the contract and casual employees are taken into account, the number of employees would be more than 10, therefore, the assessee is eligible for deduction u/s 80IB of the Act. - Decided in favor of assessee. Burning Loss – Held that:- Theoretical research made by the universities may be to some extent nearer to the actual burning loss suffered by the companies but there cannot be any standard formula to fix the burning loss. - the burning loss would depend upon the nature of the raw material and the process adopted for conversion of scrap into iron ingots. - There may be various factors which would reduce the burning loss or increase the burning loss. Unless specific materials are available with the assessing officer to say that the burning loss claimed by the assessee is highly excessive or there was no loss at all - the disallowance made by the assessing officer cannot be sustained. - Decided in favor of assessee.
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