TaxTMI 
TaxTMI 
2015 (9) TMI 1723
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....he Assessee has raised eight elaborate grounds in its appeal, however the crux of the issue is that the Assessee is aggrieved by the order of the Ld. CIT U/s.273 of the Act for having denied the claim of exemption U/s.80-IB(11A) of the Act. 3. The brief facts of the case are that the assessee is a company, engaged in the business of manufacturing of fruit pulp, filed its return electronically on 30.09.2011 admitting its income as Rs. 39,82,830/- under normal computation and Rs. 96,47,565/- U/s.115JB of the Act. Subsequently, the return was taken for scrutiny and assessment U/s.143(3) of the Act was completed on 27.01.2014 wherein the Ld. Assessing Officer granted deduction U/s.80IB(11A) of the Act of Rs. 14,23,654/- & of Rs. 73,99,257/- ....
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....Rs. 2,90,00,571/- related to job work of processing the fruits from other person. In this job work of processing, the assesseè has acted as contractor only, even though assessee has claimed, deduction u/s 801B(11a) of IT Act, 1961. In this case the assessee will not be eligible for 'deduction u/s 801B,(11a) as "the person who awarded the job work only can, if otherwise eligible, claim the deduction' u/s80IB(11a)." (3). Therefore, I am of the view that the Assessing Officer has not appreciated the facts of the case properly, and also has completed the Assessment in a manner contrary to the provisions of law. Thus, there i-s under assessment of income due to errors committed by the Assessing Officer and the order is both erroneous a....
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....R. 5. We have heard both the parties and carefully perused the materials available on record. The Ld. A.R. has produced before us the letters submitted by him before the Ld.CIT. The same is reproduced herein below for reference. "From M/s.Aseptic Fruit products (India) Pvt Ltd., No.322-A, Main Road, Bargur, Krishnagiri -635 001. To, The Commissioner of Income-tax, Office of the Commissioher of Income -tax, No: 3, Gandhi Road, Salem - 636 007. Respected Sir, Sub: Notice u/s 263 of the Income tax Act 1961- Reg.. Ref: C.no:9544(05)12014-15/CIT/SLM Notice u/s 263 date 10.02.15 We have received the notice u/s 263 of the Income Tax Act 1961 dt. 10.02.15 and in continuation of the above, we here under S....
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....mango Trade. Our Company is purchasing mango for processing purpose on behalf of the contract customers and the purchased stock is consumed for process of fruit pulp in our factory and not delivered Actually, the company is not involved in direct Trade of fruits without process preserve and packing of stocks. - In contract process system the revenue is segregated in two parts. One is procurement for raw materials and the part is process of fruits. There is no other difference in the Own process for own stock and contract process. In contract process the fruits are purchased for process due to the following advantages. 1. The Agro based raw material (fruits) procurement rate will very day by day and fluctuate on daily basis and rate....
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....09,580 2 Fruit Pulp Processed 1456MTS 412MTS 104 1MTS As detailed above, sale of fruits is not a separate activity and it is one among, the Processing activity only, The Purchased (Raw material) sock is not delivered outside the factory premises and the entire sale of raw material is consumed with in the factory, Only the value of raw material and processing charges is spilited and claimed based on the activity, So the sales is part of the Processing activity only. PROFIT ON SALES A. Qty Purchased and sold 7560MTS B. Sale Proceeds 13,81,09,580 C. Cost of Purchase 13,64,04,032 D. Profit Margin on sale 17,05,548 Less: Expenses related t....