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2016 (6) TMI 594 - AT - Income TaxRevision u/s 263 - Exemption u/s 80-IC - manufacturing activity or not - buying jumbo rolls and slitting into smaller rolls - Held that:- These rolls are converted into round strips and thereafter printing is done on such round strips. The assessee is duly registered with the Director of Industries. It is registered with the Excise Department and it has been filing its returns in respect of the manufacturing process carried on by it. In these circumstances, we are of the opinion that the learned CIT was not justified in holding that assessee is not engaged in manufacture or processing any article or thing and hence not eligible for claiming deduction under Section 80-IC of the Act. Accordingly, the order passed by the Assessing Officer allowing deduction cannot be said to be erroneous so as to be prejudicial to the interest of the Revenue. We thus hold that the order passed by the CIT is not a valid order and the same is quashed. In the result, assessment order dated 30.12.2010 passed by the AO is restored and grounds of the appeal of the assessee are allowed.
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