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TMI Blog2012 (9) TMI 268X X X X Extracts X X X X X X X X Extracts X X X X ..... ng a bifurcation in terms of quantity of raw wool produced can be pointed out as the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year as if the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income accrued from the manufacturing activity an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e said Return was processed under Section 143(1)(a) of the Act. The case was thereafter selected for scrutiny. Notice under Section 143(2) of the Act was, accordingly, issued. The Assessing Officer found that the assessee-Company was engaged in the business of manufacturing of yarn. The assessee derived, during the relevant assessment year, a gross total income of Rs.51,82,666/- from what it calle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the benefit under Section 80IA of the Act on the total sum of Rs.51,82,666/- at the rate of 30%. As stated above, the Department found that the assessee has not maintained the accounts for manufacture of yarn actually produced as a part of industrial undertaking. Consequently, the Assessing Officer worked out, on his own, the manufacturing account, as indicated in his Order, giving a bifurcation i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. On facts, we find that the assessee ought to have maintained a separate account in respect of raw material which it had sold during the assessment year. If the assessee had maintained a separate account, then, in that event, a clear picture would have emerged which would have indicated the income accrued from the manufacturing activity and the income accrued on the sale of raw material. We d ..... X X X X Extracts X X X X X X X X Extracts X X X X
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