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The Commissioner of Income Tax 24 Versus M/s. Silvassa Wooden Drums

2015 (10) TMI 1060 - BOMBAY HIGH COURT

Entitlement to deduction u/s. 80IB - whether process of galvanizing of H.R. strips/Coils/CR Coils amounts to manufacture/production of article/thing? - Held that:- Revenue appeal dismissed concluding process of galvanizing of H.R. strips/Coils/CR Coi .....

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APPEAL NO. 1364 OF 2013 - Dated:- 7-4-2015 - S. C. DHARMADHIKARI & A. K. MENON, JJ. Mr. Arvind Pinto for the Appellant Mr. Madhur Agarwal i/b. M/s. Rajesh Shah and Co. for the Respondent JUDGEMENT This Appeal of the Revenue challenges the order .....

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es and cold rolled strips. A return of income for the assessment year 200405 was filed declaring total income of ₹ 2,52,191/after claiming deduction of ₹ 78,00,367/under section 80IB of the Income Tax Act, 1961. The claim for this deducti .....

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is order of the Commissioner, the matter was carried in Appeal to the Tribunal, by the Revenue and the Tribunal has confirmed the order of the Commissioner. The Commissioner, in arriving at the conclusion, relied upon an order passed by this Court. T .....

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the Tribunal seems to have had a doubt whether this process amounts to manufacture, however, in the light of the authoritative pronouncement of this Court and in the case of the very Assessee that the deduction under section 80IB of the Income Tax A .....

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ecided on 19th April, 2012. We do not think that this Court's observations were restricted only to the exercise of power under section 263 of the Income Tax Act, 1961. This Court, in para 4 of that order, held as under: 4. The Tribunal has carefu .....

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The Tribunal noted that under the Central Excise Act, HR coils, CRCA coils/strips and galvanizing steel tapes are classified under different heads. Moreover, upon the evidence before it, the Tribunal has noted that the uses of the final product are d .....

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e manufacturing process. Secondly, even if two views were possible, the CIT ought not to have exercised jurisdiction under section 263. The first conclusion of the Tribunal is based on the material on record and consistent with the law laid down by t .....

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