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TMI Blog2011 (1) TMI 207X X X X Extracts X X X X X X X X Extracts X X X X ..... it at cost price, accounting profit on sale as attributable to Adimaly unit and claiming the benefit under section 80-IB - the assessment is an agreed assessment and the assessee’s representative in fact did not oppose the partial disallowance by the officer - Held that: We do not know how the Tribunal can direct the Assessing Officer to treat the stock transfer of final products from Theni unit t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... J. - The only question raised is whether the Tribunal is Justified in cancelling the disallowance of portion of the relief claimed by the assessee under section 80-IB of the Income-tax Act, 1961, in respect of an industrial unit at Adimaly. 2. We have heard senior standing counsel for the appellant and Shri Arun Raj, counsel appearing for the respondent-assessee. 3. The assessee is engaged in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dimaly unit. The assessment is confirmed in first appeal and in second appeal by the assessee, the tribunal held that the assessee was entitled to account transfers of goods from Theni unit to Adimaly unit on cost price basis. This finding of the Tribunal is under challenge in this appeal filed by the revenue. 4. After hearing both sides and on going through orders of the Tribunal, we notice that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... unit located in the backward area. Admittedly the eligibility for deduction under section 80-IB is only for the profit derived by the eligible unit and therefore the assessee cannot transfer final products from other industrial unit on cost price to inflate artificially the profit of the eligible unit to claim ineligible deduction. After making a claim of Rs. 3,65,98,935 the assessee requested the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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