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2014 (9) TMI 1269 - AT - Income TaxDeduction u/s 80IB/80IC/80IE/10B - exclusion of the receipt by way of DEPB credit as they are not qualify to be included in the profits derived from the undertaking - HELD THAT:- The issue raised vide this ground has been decided against the assessee by the judgment of the Hon’ble Supreme Court in the case of Liberty India Ltd. [2009 (8) TMI 63 - SUPREME COURT]. As the receipts do not have a first degree nexus with the profit derived from the undertaking, respectfully following the judgment of the Hon’ble Supreme Court, ground No. 1 is dismissed. Deduction from the income of the assessee being amount of credit under DEPB scheme - HELD THAT:- As in identical issue was considered by the Tribunal in assessee’s own case [2014 (7) TMI 1372 - ITAT MUMBAI] - We find that the Tribunal has decided this issue at para No. 5 of its order wherein it has followed the judgment of the Hon’ble Supreme Court in the case of CIT vs. Excel Industries Limited. [2013 (10) TMI 324 - SUPREME COURT] Respectfully following the decision of the co-ordinate Bench, ground No. 3 raised by the assessee is allowed. Bogus purchases - HELD THAT:- We find that the Tribunal has considered this issue in assessee’s own case[2014 (7) TMI 1372 - ITAT MUMBAI] for A.Y. 2009-10 wherein it has followed the decision for A.Y. 2008-09 and accordingly the Tribunal has remanded this matter to the file of the A.O. for fresh adjudication after affording a reasonable opportunity of being heard to the assessee. As no distinguishing fact has been brought before us, respectfully following the findings of the co-ordinate Bench, we restore this issue to the file of the A.O. for fresh adjudication after hearing the assessee. Ground No. 4 is accordingly allowed for statistical purpose. Weighted deduction u/s 35(2AB) - HELD THAT:- We restore this issue to the file of the A.O. for adjudicating the issue afresh as per the provisions of law after affording a reasonable opportunity of being heard to the assessee. Deduction u/s 80IB of the Act on miscellaneous receipts, sale of scrap, miscellaneous sales/processing charges - HELD THAT:- We set aside the issue relating to the sale of scrap to the file of the A.O. The A.O. is directed to decide the issue afresh in the light of direction given in A.Y. 2008-09. In so far as the other receipts are concerned, respectfully following the decision of the Tribunal in A.Y. 2008-09, the A.O. is directed to allow the claim of deduction u/s 80IB of the Act. Ground No. 3 is accordingly allowed in part for statistical purpose. Adjustment to value of opening stock in A.Y. 2010-11 in consonance with the adjusted valuation of closing stock in A.Y. 2009-10 - HELD THAT:- The fact of this issue is that the A.O. has enhanced the closing stock of A.Y. 2009-10 which was not contested by the assessee. The only point raised by the assessee was that corresponding effect should be given to the opening stock of A.Y. 2010-11 which the ld. CIT(A) directed to the A.O. We do not find any error or infirmity in this direction of the ld. CIT(A) as the value of the closing stock of one year has to be taken as the value of opening stock of the immediately succeeding year. This ground is accordingly dismissed.
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