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TMI Blog2012 (11) TMI 1306X X X X Extracts X X X X X X X X Extracts X X X X ..... duction in respect of profits and gains from industrial undertakings, etc., in certain cases. - (1) Where the gross total income of an assessee includes any profits and gains derived from any business of an industrial undertaking or a hotel or operation of a ship or developing, maintaining and operating any infrastructure facility (such business being hereinafter referred to as the eligible business), to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to the percentage specified in sub-section (5) and for such number of assessment years as is specified in sub-sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the circumstances and within the period specified in that section; (ii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose; (iii) it manufacutures or produces any article or thing, not being any article or thing specified in the list in the Eleventh Schedule, or operates one or more cold storage plant or plants, in any part of India: Provided that the condition in this clause shall, in relation to a small scale industrial undertaking or an industrial undertaking referred to in sub-clause (b) of clause (iv) which begins to manufacture or produce in article or thing during the period beginning on the 1st day of April, 1993, and ending on the 31st day of March, 1998, apply as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ette, specify with reference to any particular industrial undertaking ; (b) in the case of an industrial undertaking located in an industrially backward State specified in the Eighth Schedule or set up in any part of India for the generation, or generation and distribution, of power, it begins to manufacture or produce articles or things or to operate its cold storage plant or plants or to generate power at any time during the period beginning on the 1st day of April, 1993, and ending on the 31st day of March, 1998 ; 2. In the present case, Sub-sections 2 and 3 of Section 80IA of the Act is germane for consideration in the context of the following facts of this case: (a) The assessee is a manufacturer of water filter to be used ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of 50% of what is permitted in law, since the accounts were reflecting the consolidated figures, the assessee had not kept separate accounts for trading and manufacturing activity. 5. The Appellate Tribunal has modified the order of the Commissioner of Income Tax (Appeals) and directed that the reassessment to be done by going into the details of receipt from trading and manufacturing activity and allocating the expenses on the said basis. The assessee aggrieved by the order of the Commissioner of Income Tax (Appeals) has filed these appeals. 6. In respect of ITA Nos.647/2007 and 454/2008, it is the contention that the issue of reopening the assessment is not permissible merely by a change of opinion. 7. Sri K.V. Aravind, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X
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