2014 (12) TMI 1210

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....ra Yadav ORDER PER VIVEK VARMA, JM: Cross appeals had been filed by the assessee and the department against the order of CIT(A) IX, Mumbai, dated 10.02.2004, which were registered as 2504/Mum/2004 and 2817/Mum/2004, by the assessee and the department respectively. 2. In the assessee's appeal, the ITAT sustained the disallowance of deduction u/s 80IB and in the departmental appeal, the issue ....

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....re is no discussion on the process undertaken by the assessee, who claims benefit of Section 80IB of the Income Tax Act, 1961 [Act', for short]. The assessee imports raw diamonds and applies thereon the process of Sawing, Turning, Profiling, Cutting, Drilling, Polishing, etc., by the use of sophisticated machineries resulting in production of a superior marketable commodity. Detailed procedure....

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....nder the above circumstances, the impugned orders of the High Court and the Tribunal are set aside and the matter is remitted to the Tribunal for de novo consideration in the light of what we have stated hereinabove. The civil appeal filed by the assessee is, accordingly, allowed with no order as to costs". 5. Hence the instant proceedings. 6. Before us, the AR submitted that the Hon'ble Suprem....

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....rocess line is still there, which can be physically examined. The AR in consultation with the representative of the assessee assured the Bench that given the opportunity, the assessee shall satisfy the revenue authorities that the claim was correctly/rightly made. 8. The DR, in the light of the above mentioned order, accepted the proposition of the AR, for the case to be restored to the file of t....