TMI Blog2014 (12) TMI 1423X X X X Extracts X X X X X X X X Extracts X X X X ..... provision in the taxing statute granting incentives for promoting growth and development should be construed liberally. Our view is fortified by the decision in Bajaj Tempo Ltd. [ 1992 (4) TMI 4 - SUPREME COURT ], Impel forge and allied Industries Ltd. [ 2008 (12) TMI 370 - PUNJAB HARYANA HIGH COURT ] and CIT vs. Sadhu Forging Ltd we are of the view, that the assessee is entitled for deduction u/s. 80IB. Even otherwise, a provision in the taxing statute granting incentives for promoting growth and development should be construed liberally. Our view is fortified by the decision in Bajaj Tempo Ltd. vs. CIT [ 1992 (4) TMI 4 - SUPREME COURT ] AO denied the deduction merely on the ground that the assessee was doing job work for the sister ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... athik B. Shah For the Respondent : Neil Philip, DR ORDER JOGINDER SINGH, MEMBER (J) 1. The appeal by the assessee is directed against the order dated 03/10/2011 passed by the ld. CIT(A) for the assessment year 2008-09, on the following grounds. 1. The learned Commissioner of Income Tax (Appeal) has erred in fact and in law in holding that income derived from job work activity etc. by eligible unit u/s. 80IB are not derived from eligible business of eligible industrial undertaking u/s. 80IB and to disallow the claim of Rs. 46,23,016/u/s. 801B. 2. The learned Commissioner of Income Tax (Appeal) has erred in fact and in law in not following the decision of CIT (Appeal) in AY 2007-08 in assessee's own case wher ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide order dated 13/06/2012 (ITA No. 4154/Mum/2011), which was rectified on 16/08/2013 as there was a typing mistake, allowed the appeal of the assessee. Without going into much deliberation and the decision in Daman Plastic (ITA No. 7506/Mum/2012) dated 01st February, 2013, CIT vs. Impel forge and allied Industries Ltd. (2008-TIOL-760-HC-P H-IT), CIT vs. Sadhu Forging Ltd. (2011-TIOL-361-HC-Del-IT), Liberty India vs. CIT 317 ITR 218, we are of the view, that the assessee is entitled for deduction u/s. 80IB of the Act. Even otherwise, a provision in the taxing statute granting incentives for promoting growth and development should be construed liberally. Our view is fortified by the decision in Bajaj Tempo Ltd. vs. CIT 62 Taxman 480 (SC). ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
