ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE - 1(2), PUNE vs. M/S. FINOLEX CABLES LTD, PUNE

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ITA 2257/PUN/2017Status: DisposedITAT Pune27 January 2020AY 2014-152 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, relying on previous orders in the assessee's own case. It was held that income from the sale of scrap is derived from the eligible business and thus eligible for deduction under Section 80IC.

What were the facts?

The Revenue appealed against the CIT(A)'s order allowing the assessee's claim for deduction under Section 80IC on income from the sale of manufacturing scrap. The Assessing Officer had denied this claim.

What were the issues?

Whether income earned from the sale of manufacturing scrap is eligible for deduction under Section 80IC of the Income Tax Act.

Which sections of the Income-tax Act were involved?

Section 80IC

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, PUNE

Before: SHRI ANIL CHATURVEDI & SHRI S.S. VISWANETHRA RAVI

For Appellant: Shri J.G. Pendse
For Respondent: Shri Pankaj Garg

This appeal by the Revenue against the order dated 27-07-2017 passed by the Commissioner of Income Tax (Appeals)-11, Pune [„CIT(A)‟] for assessment year 2014-15.

2.

The only issue to be decided is as to whether the CIT(A) justified in allowing the claim of assessee u/s. 80IC of the Act on income earned from sale of scrap when it was not derived from the activities of the eligible business.

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.

4.

In the result, the appeal of Revenue is dismissed.

Order pronounced in the open court on 27th January, 2020.

Sd/- Sd/- (Anil Chaturvedi) (S.S. Viswanethra Ravi) JUDICIAL MEMBER ACCOUNTANT MEMBER ऩुणे / Pune; ददनाांक / Dated : 27th January, 2020 RK आदेश की प्रनिलऱपप अग्रेपषि / Copy of the Order forwarded to : अऩीऱाथी / The Appellant. 1. प्रत्यथी / The Respondent. 2. आयकर आयुक्त (अऩीऱ) / The CIT(A)-11, Pune 3.

4. The Pr. Commissioner of Income Tax (Central), Pune ववभागीय प्रतततनधध, आयकर अऩीऱीय अधधकरण, “बी” बेंच, 5. ऩुणे / DR, ITAT, “B” Bench, Pune. गार्ड फ़ाइऱ / Guard File. 6. // True copy // आदेशानुसार / BY ORDER,

तनजी सधचव / Private Secretary, आयकर अऩीऱीय अधधकरण, ऩुणे / ITAT, Pune

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