15% contribution to SPV account in respect of category B mines eligible for deduction

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...