9911796707
TMI Blog2015 (7) TMI 436X X X X Extracts X X X X X X X X Extracts X X X X ..... 'the Act'). 3. Briefly stated, the facts of the case are that the assessee is a manufacturer of auto parts and accessories having eligible unit in Haridwar for the purposes of section 80-IC of the Act. Return of income was filed with gross total income at Rs. 2,69,85,125/- on total turnover of Rs. 11.13 crore. An income of Rs. 2,69,25,260/- was claimed as deductible u/s 80IC of the Act, leaving only a sum of Rs. 59,864/- as taxable income. During the course of assessment proceedings, the AO observed that the position about deduction u/s 80IC and the other relevant facts on this issue were similar to those for the earlier year. He even reproduced the assessee's submissions rendered in proceedings for the earlier year in the extant assessme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Tribunal order dated 10.01.2014 for the immediately preceding assessment year is available on record. 5. In so far as the question of reduction of the eligible profits on account of 'brand' value is concerned, it is noticed that the AO attributed 20% of profits to the 'brand', which the ld. CIT(A) restricted to 10%. The Tribunal, on similar facts and circumstances, has held that there can be no question of restricting the amount of eligible profit on account of 'brand.' In the absence of any distinguishing feature having been brought to our notice in the facts for the instant year, vis-à-vis the preceding year, respectfully following the precedent, we direct that no deduction can be made from the eligible profits on account of 'B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rom the assessment order that the assessee categorically stated before the AO that all the sales were made from manufacturing unit at Haridwar and the branch offices etc. were only engaged in sale promotion and rendering after-sales services for the warranty provided on the products. Even copy of VAT return in support of the claim that all the sales were made from Haridwar, was also placed before him. This fact is brone out from page 5 of the assessment order. Similar contention was made before the ld. CIT(A) as well to the effect that the entire sales were made from Haridwar unit and no income producing activity was carried out from any place other than the eligible unit. These submissions have not been controverted by the ld. DR with any ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
