Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2005 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2005 (5) TMI 18 - HC - Income TaxDeduction under sections 80HH and 80-I - Industrial Undertaking - "Whether, Tribunal was right in law to hold that the activity of purchase and refining of the oil amounted to manufacturing or processing of goods and that the assessee was entitled to deduction under sections 80HH and 80-I in respect of that activity as well?" - Tribunal has held that after purchasing the oil, the same was subjected to the process or treatment and what was sold by the assessee was not the same thing as was originally purchased. No contrary material has been brought on record to the aforesaid findings. Held that there is no error in the order of the Tribunal allowing the benefit of sections 80HH and 80-I to the assessee in respect of refining of the oil from the oil purchased from the local market inasmuch as process of refining amounts to production as contemplated under the sections. Question is answered in the affirmative, i.e. in favour of the assessee and against the Revenue.
|