Document Fragment View
Fragment Information
Showing contexts for: parle biscuits in Parle Biscuits P.Ltd, Mumbai vs Asst Cit 10(3)(2)(Old Rd (2), Mumbai on 4 November, 2016Matching Fragments
ITA No. 387 & 398/Mum/2015 Parle Biscuit P Ltd IN THE INCOME TAX APPELLATE TRIBUNAL, BENCH "C", MUMBAI BEFORE SHRI R.C.SHARMA, ACCOUNTANT MEMBER AND SHRI PAWAN SINGH, JUDICIAL MEMBER Parle Biscuit Pvt. Ltd DCIT, 13(1) (2), North Level Crossing Room No. 218, Vile Parle (E) Vs. Aayakar Bhavan, M. K. Road, Mumbai-400057 Mumbai-400020 PAN : AAACP0485D (Appellant) (Respondent) DCIT, 13(1) (2), Parle Biscuit Pvt Ltd Room No. 218, North Level Crossing Aayakar Bhavan, M. K. Road, Vs. Vile Parle (E) Mumbai-400020 Mumbai-400057 PAN : AAACP0485D (Appellant) (Respondent) Assessee by Sh. Girish Dave Sr Advocate with Sh Anand Kadam Advocate Revenue by Sh. D.V. Singh DR Date of hearing 25.08.2016 Date of pronouncement 04.11.2016 Order under section 254(1) of Income Tax Act PER PAWAN SINGH JUDICIAL MEMBER:
1. These cross appeals by assessee and the revenue are directed against the order of Commissioner (Appeals) 20, Mumbai, dated 22 October 2014 for assessment year 2010-11. As both the appeals are filed against the same order the parties, thus clubbed, heard together and are decided by common order, to avoid the conflicting opinion. The assessee has basically raised four grounds of appeal:1
ITA No. 387 & 398/Mum/2015 Parle Biscuit P Ltd
ITA No.387/Mum/ 2015 (Assessee's appeal)
4. Ground No.1 relates to reducing the other income while computing the deduction under section 80 IC to the extent of Rs. 52,21,889/- which consist of interest on bank deposits, government securities, security deposits and loans to employees of Rs. 530030/-, sales of prescription of Rs. 19,13,349/- and transport claim of depot transport of Rs. 27,78,510/-.
2ITA No. 387 & 398/Mum/2015 Parle Biscuit P Ltd
11. Before us, the learned counsel for the assessee drew our attention to pay 77 of the paper book and submitted that AO and the learned CIT(A) both have erred in not considering the sale of a scrap so far as part-B of the details is concerned.
12. We have carefully perused the details as exhibited at page 77 of the paper book . We find that there are few items which are part of plant and machinery is used in the manufacturing process. That being so, in our humble opinion, these items are part of capital asset and any sale of scrap would go to reduce the written down value of the asset. To this extent we have no hesitation to confirm the finding of the lower authorities. We find ITA No. 387 & 398/Mum/2015 Parle Biscuit P Ltd that the total of these items comes to Rs. 11,36,173/-. We accordingly direct the AO to restrict the exclusion from the eligibility profit under section 80 IC to the extent of Rs. 1136173/-only. Therefore assessee gets eligibility for deduction at Rs. 3557937/-under section 80 IC of the Act.