2014 (9) TMI 754

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....e appeals :- a) Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that the assessee society eligible for availing the benefits of deduction under Section 80 P (2) (a) (ii) of the Income Tax Act? b) Whether under the facts and circumstances of the case the Income Tax Appellate Tribunal is right in law in holding that the assessee society is a cottage industry and therefore is eligible for deduction under Section 80 P (2) (a) (ii)? c) b) Whether under the facts and circumstances of the case the Income Tax Appellate Tribunal is right in law in holding that the assessee society has satisfied all the criteria laid down in the Board circular No.722 dated 19.9.95 for availing ben....

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....he Central and State Governments and in view of their recognition under the Industrial Development Regulation Act, their status as cottage industry is relevant for the purpose of the Income Tax as well. For better clarity, it is pertinent to extract the reasoning given by the Tribunal in its order, as hereunder :- "5. We have perused the orders of the authorities below and heard the contentions. Grounds raised by Revenue in its appeal in the case of AA-399, The Chennimalai Industrial WCS Ltd., (supra) are exactly similar to its grounds in these appeals. It was held by this Tribunal at para Nos.6 to 8 of its order dated 26.08.2011 as under :- The very same issue was considered by the Income-Tax Appellate Tribunal, Chennai 'C' B....