JEWELS MAGNUM,COIMBATORE vs. ACIT, COIMBATORE

ITA 52/CHNY/2016Status: DisposedITAT Chennai30 November 2022AY 2010-116 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the issue was squarely covered by a previous decision of the Tribunal in the assessee's own case for subsequent assessment years, which was upheld by the Madras High Court. Therefore, the deduction under Section 10AA was to be granted.

What were the facts?

The assessee, engaged in converting gold bars into gold medallions, was denied deduction under Section 10AA by the Assessing Officer and confirmed by the CIT(A). The assessee argued that the process constituted 'manufacture' and they were a registered SEZ unit entitled to the deduction.

What were the issues?

Whether the conversion of gold bars into gold medallions amounts to 'manufacture' for the purpose of Section 10AA deduction, and whether the assessee, as an SEZ unit, is entitled to such deduction.

Which sections of the Income-tax Act were involved?

Section 10AA,Section 2(29BA),Section 2(r),Section 143(3)

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “B” BENCH, CHENNAI

Before: HON’BLE SHRI V. DURGA RAO, JM & HON’BLE SHRI MANOJ KUMAR AGGARWAL, AM

For Appellant: Shri B.Ramakrishnan (FCA) – Ld. AR, Ms. Ann Mary Baby -Ld. CIT-DR
For Respondent: Ms. Ann Mary Baby -Ld. CIT-DR

Manoj Kumar Aggarwal (Accountant Member)

1.

Aforesaid appeal by assessee for Assessment Year (AY) 2010-11 arises out of order of learned Commissioner of Income Tax (Appeals)- 2, Coimbatore [CIT(A)] dated 23-12-2015 in the matter of an assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 06-03-2013. The sole grievance of the assessee is denial of 2 deduction u/s 10AA. The grounds raised by the assesse

The order continues below.

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