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15% contribution to SPV account in respect of category B mines eligible for deduction
Case Law Details
- Case Name
- Muneer Enterprises Vs ACIT (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2013-14
- Courts
- All ITAT, ITAT Bangalore
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Muneer Enterprises Vs ACIT (ITAT Bangalore)
The Assessee is a partnership firm engaged in the business of extraction, processing and manufacturing of iron ore for sale. The assessee owns mining lease No. 2339/2151 measuring 36.42 ha classified under category B. It has been stated that the only issue that arises out of the impugned order is disallowance of 15% of sale proceeds of iron ore deducted and retained by the monitoring committee towards special purpose vehicle in respect of category B mines.
The Ld.AO observed that, these SPV were deducted pursuant to directions of Hon’ble Supreme Co...
