Invocation Of Section 263 Of IT Act On Ground Of Deduction Under Section 80-IA Wrongly Allowed By AO

RELEVANT EXTRACTS:

25. On the basis of above material, it is not possible to hold that assessee was carrying on mere repair of transformers and not any manufacturing activity. Assessee’s claim that it is manufacturing electromechanical parts and accessories like winding coils, insulation material etc. etc. from different material is clearly established on record. No dispute had been raised that above items manufactured by the assessee were different

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