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The respondent-assessee, in the present case, had in its return of income tax, claimed deduction under Section 80IA at Rs. 12.01 crores and Section 80HHC of the IT Act at Rs. 5.75 crores and declared the total income of Rs. 82.47 lacs. The AO allowed the deduction under Section 80IA to the tune of Rs. 14.04 crores and deduction under Section 80HHC to the tune of Rs. 2.42 crores.
In Item No. 1 of the list of articles or thing in Schedule XI, the items include beer, wine and other alcoholic spirits. The percentage of alcohol in the spirits is not given. With the same object the percentage of tobacco is also not given in ‘tobacco preparation’.
Gross total income of the assessee is at Rs. 8,03,26,598 lakhs after adjusting the losses suffered by it in the eligible as well as profits of the non-eligible units. There are no brought forward losses or unabsorbed depreciation. The claim of deduction under section 80-IA was in respect of eligible unit 4.14 MW wind energy division at Rs. 4,72,28,143 and the deduction u/s.80HHC of the Act was claimed in respect of other units at Rs.15,51,440.
Only primary fact was that the assessee had earned interest income. We are, however, of the opinion that in the context of the close connection between the petitioner and Aditya Medisales, the fact that the assessee was eligible for deduction under section 80IA of the Act and the interest income received from the sister concern had relevance to the provisions of section 80IA(10) of the Act, primary facts were not on record.
Supreme Court has reversed the High Court Judgment and held that Deduction u/s. 80-IA is not allowable on duty drawback amount. The issue involved is squarely covered by the decision of this Court in Liberty India v. CIT [2009] 317 ITR 218. Accordingly, the civil appeals filed by the department stand allowed with no order as to costs.
The deduction under section 80-IA(4)(iv)(c) is allowed for a period of ten years. The dispute in the present appeal is as to whether assessment year 2005-06 should be the first year in which the deduction should be allowed. It was clarified at the time of hearing of the appeal that from the assessment year 2006-07, the assessee has been getting the deduction under section 80-IA(4).
A short question which arises for determination in these civil appeals is, whether texturing and twisting of polyester yarn amount to ‘manufacture’ for the purpose of computation of deduction under Section 80IA of the Income Tax Act, 1961. This question has been squarely answered by this Court in the case of CIT v. Emptee Poly-Yarn (P.) Ltd. [2010] 188 Taxman 188.
Neither Section 80HH nor Section 80I (as it then stood) statutorily obliged BRPL to maintain its accounts unit-wise and that it was open to BRPL to maintain its accounts in a consolidated form in order to put an end to the litigation between the Tax Department and the PSU we remit the case to the case to the AO
On facts, we find that the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year. If the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income accrued from the manufacturing activity and the income accrued on the sale of raw material.
The owner of the industry shall issue serially cash/credit memos, for sales of finished goods which will contain name and address of the purchasers, descriptions of the goods sold and its value, exemption certificate number and date, signature of the seller.
