https://www.taxtmi.com/caselaws?id=280406 The Tribunal upheld the Ld. CIT(A)'s decision in a case concerning the eligibility of scrap sale income for deduction u/s. 80IB of the Income Tax Act, 1961. It ruled in favor of the assessee, considering scrap sale income as part of industrial operations and thus eligible for deduction. Additionally, the Tribunal affirmed the Ld. CIT(A)'s decision to allow depreciation on goodwill, following the Supreme Court's clarification that goodwill qualifies as an intangible asset under the Act. The Tribunal dismissed the Revenue's appeal, supporting both decisions based on legal interpretations and factual findings. en-us Fri, 05 Feb 2016 00:00:00 +0530 Sat, 04 May 2019 06:03:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280406 The Tribunal upheld the Ld. CIT(A)'s decision in a case concerning the eligibility of scrap sale income for deduction u/s. 80IB of the Income Tax Act, 1961. It ruled in favor of the assessee, considering scrap sale income as part of industrial operations and thus eligible for deduction. Additionally, the Tribunal affirmed the Ld. CIT(A)'s decision to allow depreciation on goodwill, following the Supreme Court's clarification that goodwill qualifies as an intangible asset under the Act. The Tribunal dismissed the Revenue's appeal, supporting both decisions based on legal interpretations and factual findings. Case-Laws Income Tax Fri, 05 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280406