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ACIT Versus Standard Oil & Greases

2015 (9) TMI 1404 - ITAT AHMEDABAD

Income from scrap sales - eligibility for section 80IB deduction - Held that:- Income arising from sale of scrap is eligible for section 80IB deduction as derived from the manufacturing activity in question. The hon’ble jurisdictional high court in H .....

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ind that the hon’ble jurisdictional high court in CIT vs. Deversons Industries Ltd. [2015 (1) TMI 394 - GUJARAT HIGH COURT ] has considered hon’ble apex court decision in Liberty India vs. CIT (2009 (8) TMI 63 - SUPREME COURT) and holds that such an .....

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odara, Judicial Member Appellant by: Shri Vilas Shinde, Sr. D.R. Respondent by: Shri Manish J. Shah, A.R. ORDER PER : S. S. GODARA, JUDICIAL MEMBER:- This Revenue s appeal for A.Y. 2008-09, arises from order of the CIT(A) Valsad dated 27-01-2011 in a .....

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be eligible for section 80IB deduction. Its case is that the same has no direct or immediate nexus with the manufacturing activity in question. 3. The assessee-firm manufactures various kinds of lubricants and greases. Its manufacturing is in Silvas .....

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een derived from manufacturing activity in question. The assessee s case was that its scrap had been generated and arose from manufacturing only so as to form part and parcel thereof. The Assessing Officer was of the view that this scrap in question .....

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ts scrap sales in question to be not eligible for section 80IB deduction. 4. The CIT(A) has accepted assessee s corresponding ground in view of the case law DCIT vs. Harjivandas Juthabai Zaveri (2002) 258 ITR 785 (Guj) holding that scrap sales do hav .....

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n derived from asssessee s manufacturing activity as per the tribunal s order in ITA 3096/Ahd/2007 in its own case pertaining to the preceding assessment year. The assessee supports the CIT(A) order under challenge. It is evident to us from the state .....

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ra) has adjudicated this very substantial question in asssesee s favour. The same view is reiterated in a recent decision (2014) 42 taxmann. 403 (Guj) CIT vs. Jikar A Saiyed. Both views hold that income arising from sale of scrap is eligible for sect .....

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