https://www.taxtmi.com/caselaws?id=751481 The ITAT Mumbai allowed the assessee's claim for deduction under section 10B, holding that manufacturing pickles from raw vegetables, fruits, and masala constitutes manufacturing activity as it creates a new marketable product with value addition. The tribunal upheld CIT(A)'s decision allowing the deduction based on foreign exchange realization certificates and proper documentation of machinery acquisition. Regarding stock differences between books and bank statements, the tribunal found no grounds for addition since higher stock in books compared to bank statements doesn't warrant income addition. The tribunal dismissed the AO's rejection of books of accounts under section 145(3), noting absence of defects in maintained accounts and comparable profit margins, thereby confirming CIT(A)'s deletion of additions. en-us Mon, 15 Apr 2024 00:00:00 +0530 Tue, 27 Aug 2024 12:26:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751481 The ITAT Mumbai allowed the assessee's claim for deduction under section 10B, holding that manufacturing pickles from raw vegetables, fruits, and masala constitutes manufacturing activity as it creates a new marketable product with value addition. The tribunal upheld CIT(A)'s decision allowing the deduction based on foreign exchange realization certificates and proper documentation of machinery acquisition. Regarding stock differences between books and bank statements, the tribunal found no grounds for addition since higher stock in books compared to bank statements doesn't warrant income addition. The tribunal dismissed the AO's rejection of books of accounts under section 145(3), noting absence of defects in maintained accounts and comparable profit margins, thereby confirming CIT(A)'s deletion of additions. Case-Laws Income Tax Mon, 15 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751481