Case Law Details
ACIT Vs Finolex Cables Limited (ITAT Pune)
The solitary issue involved in the appeal of the Revenue for A.Y. 2012-13 relating to the assessee‟s claim for deduction u/s 80IC of the Act in respect of sale of scrap is squarely covered in favour of the assessee by various decisions of Tribunal rendered in assessee‟s own case including the latest decision of the Tribunal rendered for A.Y. 2014-15 vide its order dated 27.01.2020 passed in ITA No.2257/PUN/2017, wherein similar claim of the assessee for deduction u/s 80IC of the Act in respect of sale of scrap was allowed by the Tribunal vide paragraph No.3 of its order which reads as under:-
“3. Heard both parties and perused the material available on record. The AO denied the claim of assessee in claiming deduction u/s. 80IC of the Act in respect of income from sale of manufacturing scrap at Roorkee Plant. The CIT(A) by placing reliance on the order dated 06-03-2012 of this Tribunal in assessee‟s own case for A.Y. 2003-04 and also for A.Ys. 2002-03, 2004-05 and allowed the claim of assessee by holding that the income earned from sale of scrap is an eligible business and the assessee is entitled to claim the said income as deduction u/s. 80IC of the Act vide para 5.2 of impugned order. No contrary order was brought on record by the appellant-revenue. Therefore, we find no infirmity in the order of CIT(A) and it is justified. Thus, only ground raised by the Revenue is dismissed.”
As the issue involved in the year under consideration as well as all the material facts relevant thereto are similar to the earlier years including A.Y. 2014-15, we respectfully follow the orders of Tribunal for the said years and uphold the order of ld. CIT(A) directing the Assessing Officer to allow the claim of assessee for deduction u/s 80IC of the Act in respect of sale of scrap.
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