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1 - 6 of 6 (0.19 seconds)The Income Tax Act, 1961
Section 54F in The Income Tax Act, 1961 [Entire Act]
Section 80IB in The Income Tax Act, 1961 [Entire Act]
The Commissioner Of Income Tax I vs M/S Impel Forge And Allied Industries ... on 5 December, 2008
In view thereof, we hold that once assessee is
engaged in an activity of manufacture, which is not prohibited under
the 13th Schedule of the Income Tax Act, then it cannot be said that
the assessee was not engaged in any manufacturing. The assessee has
d e c l a r e d i n c o m e f r o m c a r r yi n g o n o f s u c h a c t i v i t y a n d i n a d d i t i o n t h e
assessee had carried on the said activity on job work basis. The
assessee is thus, entitled to the claim of deduction under section 80IC
of the Act on profits arising from its own manufacturing activity and
also the activity carried on, on job work basis. We find support from
t h e r a t i o l a i d d o w n b y t h e H o n ' b l e P u n j a b & H a r ya n a H i g h C o u r t i n
12
CIT Vs Impel Forge & Allied Industries Ltd. (supra), wherein it has
been held that where the assessee is engaged in any manufacturing
activity and in addition carries on the same activity on job work
basis, the assessee is eligible for the claim of deduction under section
80IB of the Act. Following the same parity of reasoning, we hold
that the assessee is entitled to the claim of deduction under section
80IC of the Act on its total profits.
Section 80 in The Income Tax Act, 1961 [Entire Act]
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