TMI Blog1995 (9) TMI 61X X X X Extracts X X X X X X X X Extracts X X X X ..... heard. These are applications filed by the Revenue under section 256(2) of the Income-tax Act, 1961, for stating the case and to make a reference of the following common questions : " (i) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that ginning and pressing charges received from the members is allowable as an exemption though it was with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... turns under section 139(1) even when the proviso was introduced with effect from April 1, 1988, and not for the earlier years ? (vi) Whether, on the facts and in the circumstances of the case, the Tribunal was justified in deleting the penalty amounting to Rs. 1,30,000 on the ground that the foundation of levy of penalty does not stand even when the Department has not accepted the same ? " We ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the marketing of agricultural produce of its members and also processing the agricultural produce of its members and, therefore, it is entitled for deduction of the whole of the amount of profits and gains of business attributable to such activities from the assessable income under section 80P(2) of the Act. The Assessing Officer negatived this claim on the ground that section 80P(2)(a)(v) can be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deleted the deduction. The Tribunal directed him to enquire into the question as to what extent payment has been made and to give deduction to the actual payment made. This decision has led to question No. 4. Question No. 5 is incidental to the answers to other questions. The order of the Tribunal makes it abundantly clear that deduction is granted in regard to the profits from the ginning and p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... not granted deduction to the assessee under section 43B of the Act in regard to the alleged payments of sales tax, Central sales tax and entry tax. The Tribunal only directed the Assessing Officer to verify whether payment has been made and if satisfied to grant deduction. This part of the decision of the Tribunal cannot be said to have given rise to any question of law. Other questions are incid ..... X X X X Extracts X X X X X X X X Extracts X X X X
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