TaxTMI 
TaxTMI 
2015 (11) TMI 487
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....the case: Wringley India Private Limited engaged in the manufacture and sale of confectionary products i.e. bubble gums, chewing gums, lollipops and toffees amalgamated with the appellant with the appointed date of April 01, 2005. Wrigley India Private Limited is engaged in the business of manufacture and sale of confectionary products like bubble gums, chewing gum, candies etc. Joyco India amalgamated into Wrigley India with the appointed dated of April 01,2005. The amalgamation was duly approved by the Delhi high Court vide its order dated September 08, 2006 which became effective on filing of the certified copy of order with Registrar of Companies, NCT of Delhi & Haryana on October 13, 2006. For the year under consideration, the....
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....ble under section 37(1) of the Act. The Tribunal remanded the matter to the file of AO examine the whether the club expenditure was refundable and decide whether the expenditure is deductible or not. * Deduction under section 80-IB of the Act:- The Tribunal allowed the deduction to the Gumbase unit under section 80IB of the act. However, it asserted that what is required to be found out is the market value of transferred goods in the Indian market. The Tribunal observed that since the market value of the goods has not been determined during the course of proceedings before the AO and CIT (A) respectively, therefore, the mater is to be restored to the file of AO for determination of the market value of the goods transferred. ....
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.... to assessee of Rs. 2,98,60,495/- disallowed by the AO by reducing deduction u/s 80IB of the I.T. Act. 2. The appellant craves for reserving the right to amend, modify, alter, add or forego any grounds of appeal at any time before or during the hearing of appeal." 7. We have heard Shri J.P.Chandrekar, Ld.Sr.D.R. on behalf of the Revenue and Shri Ravi Sharma, the Ld.Counsel on behalf of the assessee. 8. After careful consideration of the facts and circumstances of the case, perusal of material placed on record and orders of the authorities below as well as case laws cited, we hold as under. 9. The Ld.D.R. submitted that this is a second round of appellate proceedings and the issue is limited to the determination of market v....
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....07 for the same A.Y. 2004-05 vide order dt. 19th December, 2008, has remanded the issue to the file of the A.O. by observing as under. "8.2. We have considered the facts of the case and rival submissions. It is clear that the provision contained in section 80IA(8) is applicable to the facts of this case. But as earlier pointed out, what is required to be found out is whether "the market value of transferred goods on the date of transfer" in the Indian market. This has not been done either at the stage by the Ld.Counsel, this matter is restored to the file of the AO for fresh adjudication after hearing the assessee. The matter shall be decided in the light of directions contained in this order as aforesaid. Thus, these grounds are a....
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....n-acidic 1431732 95 136014540 2. Acidic 106528 114 12144192 3. Orion 77584 58 4499872 4. Lotto 59533 121 7203493 15,98,62,097 4.6. As per the original computation of the assessee the transfer price from Unit IV (gum base unit) was declared at Rs. 20,79,38,948/- profit of this unit was claimed at Rs. 5,26,17,830/-. After recomputation as above the said transfer price comes to Rs. 15,98,62,097/- and the profit is worked out as below. Gumbase Quantity Kg. Base Price Cost of production Transfer Price Profit Non-acidic 1431732 90 128855880 136014540 7158660 Acidic 106528 109 11611552 12144192 532640 Orion 77584 58 4499872 4499872 - Lotto 59533 1....