Case Law Details
Case Name : CIT Vs M/s. Faith Biotech Pvt. Ltd. (Delhi High Court)
Related Assessment Year :
Courts :
All High Courts Delhi High Court
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The respondent-assessee was engaged in the business of manufacture of health care and surgical items and in the returns filed for Assessment Years 2006-07, 2008-09 and 2009-10 had declared taxable income of Rs.26,25,230/-, Rs.94,90,363/- and Rs.32,18,350/- respectively. The deduction claimed under Section 80-IC of the Act was to the tune of Rs.42,90,162/-, Rs.35,69,594/- and Rs.2,46,13,965/- respectively. The respondent-assessee had set up a manufacturing unit for manufacture of air purifier or air purification systems. The Assessing Officer held that the aforesaid activities would not quali...
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Right,
AO does not seem to believe even in raw materials which need to be processed by some machinery or other;
whole life systems work on on trust.
if we cannot trust no litigation can ever be completed handing fire always, is simple analogy.
it is like none would have to accept judgements at all, that way resjuducata doctrine surfaced.
I believe income tax Act also accept res judicata by inserting such section like sec 11 of CPC 1908 to give some meaningfulness in taxation, after all tax laws intention is that taxation is not expected tax a men ever n ever! i tend to believe!