https://www.taxtmi.com/caselaws?id=258792 The Tribunal upheld the CIT(A)'s decision in a tax case involving deductions under Section 80IC for job work receipts. It confirmed that job work charges are eligible for the deduction as they are considered part of the manufacturing activity. The Tribunal also ruled that separate accounts for manufacturing and job work activities are not mandatory under Section 80IC. Additionally, it allowed depreciation on assets not put to use and emphasized that the Written Down Value (WDV) should be calculated for the entire block of assets, not individual assets. The appeal by the Revenue was dismissed in favor of the assessee. en-us Fri, 27 Mar 2015 00:00:00 +0530 Tue, 21 Apr 2015 06:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=258792 The Tribunal upheld the CIT(A)'s decision in a tax case involving deductions under Section 80IC for job work receipts. It confirmed that job work charges are eligible for the deduction as they are considered part of the manufacturing activity. The Tribunal also ruled that separate accounts for manufacturing and job work activities are not mandatory under Section 80IC. Additionally, it allowed depreciation on assets not put to use and emphasized that the Written Down Value (WDV) should be calculated for the entire block of assets, not individual assets. The appeal by the Revenue was dismissed in favor of the assessee. Case-Laws Income Tax Fri, 27 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=258792