2019 (1) TMI 1480

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.... Income Tax Act, 1961 ("the Act" for short) challenges the order dated 14.10.2015 passed by the Income Tax Appellate Tribunal, Mumbai ("the Tribunal" for short). This appeal relates to the Assessment Year 2010-11. 2. Revenue has urged the following question for our consideration:- "Whether in law and on the facts of the instant case, was the Tribunal correct in holding that the conversion of....

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....cture any article or thing. 4. Being aggrieved, the respondent carried the issue in appeal to the Commissioner of Income Tax (Appeals) ["CIT(A)" for short] but without success. 5. On further appeal, the Tribunal by the impugned order noted that Government of India had granted permission to the respondent assessee to manufacture handmade jewellery. Thus, absence of plant and manufacturing cou....

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....g with the import of raw materials till its export as jewellery. Thus, allowed the appeal of the respondent by holding it was entitled to the benefit under Section 10B of the Act. 6. Mr. Pinto, the learned counsel appearing in support of the appeal submits that both the Assessing Officer as well as CIT(A) found that there was no machinery available at the respondent's premises. Thus, establ....

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....r shown to be incorrect by the Revenue. Further, the small amount of labour charges and wages being the basis of the disallowance was also considered by the Tribunal and it was found that the Revenue had not carried out any examination / enquiry to ascertain what would be the fair market value of the labour charges and wages in this sort of activity. Thus, there is no reason to disbeleive the resp....