2011 (8) TMI 659

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....supply of M.S. Wires and G.I. Wires. For the relevant assessment year 1996-97, the assessee filed its return of income which included the income derived as net commission to an extent of Rs. 26,12,576/-. The assessee accordingly claimed the deduction under Section 80-IA towards the said amount. The Assessing Officer disallowed the claim on the ground that the assessee has earned the commission as an agent to supply certain goods and hence, this cannot be the activity of the assessee. Aggrieved by the same, the assessee preferred an appeal to the Commissioner who dismissed it. Aggrieved by the same, the assessee preferred an appeal to the Tribunal, wherein the order of the Assessing Officer and Appellate Authority were confirmed and the appe....

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....revenue defends the impugned order. He contends that the provisions of Section 80-IA have, been rightly interpreted and does not call for any interference by this Court. That the facts and circumstances of the case would disclose that the provisions are not applicable to the instant case. He placed reliance on the judgments in the case of CIT v. Siddaganga Oil Extractions (P.) Ltd. [1993] 201 ITR 968/67 Taxman 426 (Kar.), in the case of Cambay Electric Supply Industrial Co. Ltd., v. CIT [1978] 113 ITR 84 (SC) and the case of Liberty India v. CIT [2009] 317 ITR 218/183 Taxman 349 (SC) and pleads for dismissal of the appeal. 6. Heard Counsels. 7. The authorities came to the conclusion that the claim made by the assessee under Section 80....