TMI Blog2014 (3) TMI 328X X X X Extracts X X X X X X X X Extracts X X X X ..... not Rs. 1 crore as per provisions of Industries (Development and Regulation) Act, 1951 applicable to the assessee-company as small scale industries as provided in Micro to the Small and Medium Enterprises Development Act, 2006 – the assessee's investment in plant and machinery is below the limit of Rs. 5 crores – thus, there is no need to interfere with the order in holding that assessee was entit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion applicable to SSI Units. As per the norms, set by the Government, the assessee's unit is not falling under the SSI Units. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) ought to have upheld the order of the Assessing Officer. 2. Facts in brief as emerged from the corresponding assessment order passed u/s. 143(3) r.w.s. 147 of IT Act, dated 29.10.2009 were that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e through the facts of the case, assessment order and submission made by the appellant. The addition was primarily made by the AO after reopening the case, as the value of the Plant and Machinery exceeded Rs.1 crore. The value of Plant Machinery was shown at Rs.2,95,14,990/-. From the Notification No. S.O.857(E) dated 10/12/1997 issued by Department of Industrial Policy and Promotion, New Delhi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at during the year under consideration, the appellant was covered under the limit of SSI unit and therefore was eligible for deduction u/s.80IB of the Act. Therefore, the AO is hereby directed to grant deduction u/s.80IB of the Act. This ground is therefore allowed. 3.1 On the date of hearing an adjournment application was moved. 4. After considering the facts of the case, we have noted tha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ant and machinery being of Rs. 3,2O,87,250/- as on 31.03.2008 which is below the limit of Rs. 5 crores, we feel no need to interfere with the order in holding that assessee was entitled for deduction u/s 8oIB of the Act and the order passed by him in this respect is hereby upheld. This ground of the Revenue is dismissed. 5. Respectfully, following the aforesaid decision of Hon'ble ITAT ' ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
