9911796707
TMI Blog2014 (9) TMI 754X X X X Extracts X X X X X X X X Extracts X X X X ..... getting all other favours and concessions both from the Central and State Governments and in view of their recognition under the Industrial Development Regulation Act, their status as cottage industry is relevant for the purpose of the Income Tax as well – the order of the Tribunal is upheld – Decided against revenue. - T.C.A. NOS. 65 TO 68 OF 2013 AND M.P. NOS. 1 OF 2013 - - - Dated:- 5-9-2014 - R. Sudhakar And G. M. Akbar Ali,JJ. For the Appellant : Mr. M. Swaminathan For the Respondent : No Appearance JUDGMENT (Delivered By R. Sudhakar, J.) These appeals have been filed by the Revenue against the order dated 12.6.12 passed by the Income Tax Appellate Tribunal, Madras 'D' Bench, in ITA Nos.2007/Mds/2011 t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ax (Appeals), preferred appeals before the Tribunal. The Tribunal held that the assessees are duly recognised as cottage industries by the competent authorities under the various provisions of the relevant Act and also taking note of the earlier decisions of the Tribunal in ITA No.422/Mds/2011 dated 26.8.2011 for the assessment year 2007-2008, came to the conclusion that the assessees have clearly made out a case that they are co-operative societies and, consequently, entitled to the benefit of Section 80 P (2) (a) (ii) of the Income Tax Act. While coming to the above conclusion, the Tribunal held that the term cottage industry is not defined anywhere in the Income Tax Act and the said classification is available only under the Industrial D ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s a cottage industry. The Tribunal further observed that the assessee is mainly producing hand loom bed sheets which sold through the outlets of co-optex hand loom, an apex marketing society formed by the Government of Tamil Nadu. In that case also, the main reason pointed out by the Assessing Officer to deny the benefit of cottage industry to the assessee was that the size of the assessee's establishment was too big, where it employed more than 2000 workers. Its turnover is crores and crores of rupees and it is a very big co-operative society engaged in producing hand loom goods etc. But we do not find that these objections raised by the Assessing Officer on the size and extent of the operation of the assessee-society are legally valid ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
