TaxTMI 
TaxTMI 
2018 (6) TMI 1058
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....evenue is in appeal against the judgment of the Income Tax Appellate Tribunal, Ahmedabad dated 18th May 2017, raising following questions for our consideration : {A} "Whether on the facts and circumstances of the case and in law, the Appellate Tribunal is right in upholding the decision of CIT [A] in deletion of addition made by the Assessing Officer of Rs. 1,00,00,000/= under Section 68 of the ....
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....facts that crimping of yarn is intermediate process of treating yarn and does not come under manufacturing activity therefore the assessee is not entitled for additional depreciation ?" Two main issues are raised by the Department. First is with respect to addition of Rs. 1 Crore made by the Assessing Officer under Section 68 of the Income-tax Act, 1961 {"the Act" for short}. The second issue pe....
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....assessment records of the said entity explaining source of the loans to the above entity's balance sheet indicating sufficient reserves, surplus and share premium as followed by repayment in succeeding assessment year. Learned Departmental Representative fails to rebut CIT (A)'s conclusion that the assessee has been having regular loan transactions with the said entity. We notice in this backdrop ....
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....learly emerges that the entire issue is factual in nature. No question of law arises. With respect to the second issue, we notice that the Bombay High Court in the case of Commissioner of Income-tax v. Emptee Poly Yarn [P] Limited, reported in 305 ITR 309 [Bombay] in the context of assessee's claim for deduction under Section 80IA of the Act, examined this very question and came to the conclusion....