2012 (11) TMI 231

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....B of Rs.23,24,717/-." 3. The assessee is a firm engaged in the business of cutting and polishing of marble stones. Assessee filed its return of income on 6-10- 2006 declaring total income at Rs. Nil after claiming deduction u/s. 80IB of Rs.21,82,979/-. A.O. observed that the assessee procures rough marble blocks which are first cut or chiseled using a hammer and a chisel. Thereafter the block is cut into form of slabs. These slabs are placed under the polishing machine for making the surface smooth. Subsequently the edges of the tiles are cut using circular saw blades. According to the A.O. the aforesaid process involved in the activity of the assessee are varying forms of cutting like chiseling, polishing and cutting edges and thus t....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nd Ld. A.R. submitted that the issue is covered in its favour by the decision of Hon'ble Tribunal in the assessee's own case for A. Y. 2005-06 in ITA No.3706/Ahd/2008 (order dated 16-12-2010.) He placed on record the copy of the aforesaid order. 7. We have heard the rival submissions and perused the material on record. We find that the co-ordinate Bench of Tribunal in ITA No.3706/Ahd./2008 vide order dated 16-12-2010 relying on the decision in the assessee's own case for A.Y. 2003-04 and 2004-05 (ITA No.1207/AHD/2007) held as under:- "2. We have heard Shri M.K. Patel, Ld. Counsel of the assessee and Dr. Shalini Verma, Ld. Sr. D.R. appearing on behalf of the Revenue. Both sides conceded that the matter is squarely covered by the decisi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....orking of calculation needs verification at the end of A.O. Therefore, the matter is restored to the file of A.O. with the direction that he will verify the working addition allow the deduction under section 80IB to the assessee in accordance with law." In the assessment year 2004-05 also, ITAT C Bench Ahmedabad has held that the assessee is entitled to deduction under section 80IB in order dated 11-6-2010 in assessee's own case in ITA No.2971/AHD/2007 following the decision of Tribunal in assessee's own case for the assessment year 2003-04 (supra). However, in both the orders, Tribunal has mentioned that calculation of deduction under section 80IB needs verification at the end of Assessing Officer. 3. We therefore, following the d....