2013 (2) TMI 934

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.... 1. This appeal by the assessee is directed against the Order of the CIT(A)-26, Mumbai dated 11.10.2012 for the assessment year 2008-2009. The only issue involved in the appeal of the assessee is upholding the action of the Assessing Officer in denying deduction under section 80IB in respect of income from interest, job work charges, sale of scrap and sundry balance written off aggregating to Rs....

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....assessee deserve to succeed in part. Out of the total income computed at Rs.3,02,843/-, a sum of Rs.1,65,288/- relates to interest income earned on fixed deposit in Bank kept as security with Electricity Board. This is a settled issue that interest on deposits, the income earned has to be assessed as income from other sources as the same cannot be equated as derived from income from industrial und....

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.... High Court has held that the assessee was engaged in manufacturing and trading of tractor and auto parts and also doing job works of similar nature. The assessee was at liberty to do manufacture for itself or for others, which makes no difference for the purposes of Section 80IB of the Act. Accordingly, deduction on account of job charges was allowed by the Punjab & Haryana High Court under secti....