2011 (1) TMI 203

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Mr.T.Ravikumar   Judgment   F.M.IBRAHIM KALIFULLA, J. The assessee is aggrieved by the order of the Tribunal dated 04.12.2009 passed in ITA.No.2151/2008. The assessee seeks to raise the following questions as substantial questions of law:   "1. Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t (other than ships and aircraft), which has been acquired and installed after the 31st day of March, 2002, by an assessee engaged in the business of manufacture or production of any article or thing, a further sum equal to fifteen per cent of the actual cost of such machinery or plant shall be allowed as deduction under clause (ii)."   3. The Assessing Authority by applying the second pro....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....rily assessed by applying the second proviso to Section 32(1) of the Act. Therefore, when there was statutory stipulation providing for restriction to 50% of the amount allowable under Section 32(1)(iia) of the Act, no fault can be found with the conclusion of the Assessing Authority as well as that of the Appellate Authority and the Tribunal in having affirmed the action of the Assessing Authorit....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....to be rejected in view of the overriding provisions of sub-s. (5) of S.80-IA, which are also required to be read into S.80-IB. [see S.80-IB(13)]. We may reiterate that Ss. 80-I, 80-IA and 80-IB have a common scheme and if so read it is clear that the said sections provide for incentives in the form of deduction(s) which are linked to profits and not to investment. On analysis of Ss. 80IA and 80-IB....