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2015 (9) TMI 551 - AT - Income TaxDeduction u/s 80IB on account of transport and other subsidies - CIT(A) allowed the claim - Held that:- Interest subsidy, transport subsidy and power subsidy received by the assessee are eligible for deduction u/s 80IB of the Act - See Commissioner of Income-tax Versus Meghalaya Steels Ltd. and M/s Pride Coke Pvt. Ltd. [2013 (7) TMI 175 - GAUHATI HIGH COURT ] - Decided in favour of assessee. Addition on account of closing stock valuation of raw materials - CIT(A) deleted the addition - Held that:- Fortunately the ld. DR had brought the assessment records at the time of hearing and on verification of the same, it was found that the assessee had indeed filed a reply letter containing the month-wise quantitative details together with its values, consumption details etc. for raw materials vide reply to question no.4 in his letter dated 26.12.2007. It is also seen that the revenue had not raised any ground before us for violation of Rule 46A and hence the contention raised by the ld. DR in this regard is dismissed. It is also seen that the assessee has been consistently following the weighted average price for valuation of closing stock of raw materials and similar addition made for A.Y.2004-05 in the hands of the assessee had been deleted by this Tribunal in assessee’s own case reported in [2008 (1) TMI 424 - ITAT CALCUTTA-A] - Decided in favour of assessee.
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