9911796707
TMI Blog2017 (7) TMI 214X X X X Extracts X X X X X X X X Extracts X X X X ..... stances of the case as well as in law, the Appellate Tribunal was justified in reversing the finding given by CIT(A) that appellant's own manufacturing had commenced from A.Y. 199899 so that the exemption u/s. 10B of Rs. 5,41,14,329/was admissible for A.Y. 200708? B. Whether on the facts and in the circumstances of the case as well as in law, the Appellate Tribunal was justified in rejecting, without any material and speaking/reasoned order, the clear findings given by CIT(A) on the basis of evidence on record that the appellant's own manufacturing had commenced in A.Y. 199899 so that the claim of exemption u/s. 10B of Rs. 5,41,14,329/was admissible for A.Y. 200708? C. Whether on the facts and in the circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hrough the record carefully. As far as existence of the assessee as an EOU is concerned, there is no dispute between the parties. Similarly, it is not in dispute that the assessee fulfills conditions enumerated in section 10B of the Act for availing deduction. The dispute between the parties is very limited. According to the A0, the assessee was engaged in manufacturing of dyes and dyes intermediates. It has been exporting these products from the F.Y.1995-96. It has claimed deduction under section 80HHC and 80IA. The assessee has converted its DTA unit into EOU. It can claim deduction under section 10B as per subsection 1 for a consecutive period of ten years from the year in which it begins manufacture. Since it was manufacturing in the As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 068/under section 801A (30% of manufacturing profit restricted upto Rs. 4,93,301). On the other hand, the evidence referred by the assesse is that factory building was constructed only in F.Y.l997-98. Electric connection was taken on 27.4.1996, total value of the plant and machinery was not even of Rs. 5,000/till 31.3.1997. The scale of the ld.ClT (A) was weighed towards these set of evidences, but in our understanding these are not such a strong circumstances which can dispel own admission of the assessee while filing the return for the Asstt.Year 1996-97. It is not the quantum of deduction or quantum of electricity to the plant & machinery. it is to be seen that even for trial basis, the assessee has derived any profit from manufacturing ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
