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2019 (4) TMI 1676 - BOMBAY HIGH COURTDeduction u/s. 80-IB - Profit derived from the business of the industrial undertaking engaged in the manufacture and sale of Pig Iron - Profit from the sale of slag, which is a by-product in the manufacture of Pig Iron - whether the slag generated out of the manufacturing process would satisfy the test 'first degree source' or not and, if satisfies such test, would be eligible to deduction under Section 80-IB of the Act or not ? - HELD THAT:- In view of the findings already rendered by the CIT(A), which are upheld by the Tribunal that the slag generated out of the manufacturing process, the profit earned from such sale, is derived from the Industrial Undertaking which is engaged in manufacturing of Pig Iron, the Revenue cannot be allowed to contend that the sale of slag would not be a part of profits earned from the manufacturing process and would not be eligible for deduction under Section 80-IB of the Act. The findings rendered by the CIT(A) and upheld by the Tribunal having attained finality, are binding on the Revenue. - Decided in favour of the appellant- Assessee.
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