2019 (1) TMI 408

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...., SC, FOR INCOME TAX DEPT For The Respondent : ADVS. SMT. PREETHA S. NAIR SRI. K. JOHN MATHAI SRI. M. GOPIKRISHNAN NAMBIAR SRI. P. BENNY THOMAS AND SRI. P. GOPINATH JUDGMENT Vinod Chandran, J. The appeal raises the following questions of law:- (1) Whether, on the facts and in the circumstances of the case and admittedly the Salem Unit being the eligible unit under Sec.80IB and....

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....t', for short) being an industrial undertaking covered by sub-Section (3) of Section 80IB. The particular issue in the case is as to the disallowance having been interfered with by the Income Tax Appellate Tribunal. In the subject assessment year 2004-05, the profit and loss account of the Salem Unit showed the eligible deduction under Section 80IB at Rs. 21,85,24,989/-. The consolidated profi....

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.... to (12) of Section 80IA, would be applicable for Section 80IB also. Sub-section (8) of Section 80IA indicates that where any goods or services held for the purpose of eligible business are transferred to any other business or where any goods held for the purposes of any other business carried on by the assessee are transferred to the eligible business, the consideration, if any, for such goods an....