TaxTMI 
TaxTMI 
2012 (2) TMI 615
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....Head (Corporate Finance) ORDER (N. Vijayakumaran), Judicial Member : This appeal by the department is directed against the order of Ld. C.I.T.(A)-I, Kolkata dated 20/06/2011. The assessment year involved is 2007-08. 2. The assessee is under the Ministry of Shipping, Govt. of India. Assessee's business is in ship building, ship repairing and general engineering. The ld. A.O. made an addition....
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....zation certificate submitted to the Govt. of India. Considering the above, the ld. C.I.T.(A) accepted the claim of the assessee. 4. Before us, the ld. Departmental Representative relied on the order of ld. A.O. On the other hand, the learned counsel for the assessee supported the order of ld. C.I.T.(A) on this issue and further relied on the letter No. SY-12013/2/2005-HDPE dated 7th March, 2007 i....
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....Y" to HDPEL a wholly Government of India owned Company for financing the scheme of renewal and replacement of Plant and Machineries at Salkia Works and Nazirgunge Works of HDPEL, Kolkata. The HDPEL will issue Equity Share for the amount of ₹ 2,00,00,000/- (Rupees Two crores only) in favour of the President of India. There will be 20,000 Share of face value of ₹ 1,000/- (Rupes One Thous....
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....al obsolescence aspect of the crane is taken care of after its revamping and also that revenue is earned with the help of this crane for the next 8 to 10 years. 5. HDPEL would follow the laid down procedure i.e. open bids for the procurement of the Machinery, and furnish the Utilization Certificate within prescribed time limit as per rules from the release of funds. 6. This issues with the con....