Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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CIT (Appeal)’s observations and decision • Three units satisfied the following conditions provided under section 10A(2) of the Act: • Manufacturing or production of article/ thing • Not formed by splitting up or reconstruction of business already in existence • Not formed by the transfer to a new business or machinery or plant previously used for any purpose • Held that deduction to independent and distinct units cannot be denied merely on the basis of STPI approval letter August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 26
Assessee’s arguments • All the three units are physically located at different locations and are independent units with substantial investments • It is not a case of existing unit but certainly a case of expansion of the business of the company • The deduction cannot be denied on the basis of STPI approval/ letter especially when all the conditions prescribed under section 10A has been fulfilled • Relied upon the decision of Jayant Agro Organics Ltd Akhandanad, Mumbai v Jt.CIT in ITA No 5439/Mum/01 dated 3.3.2006 Department’s arguments • Approval for setting up of the three units clearly brings out the fact that new units are mere expansion of the existing units August, 2011 CA Sanjeev Lalan, Singrodia Goyal & Co. Presentation at JB Nagar CPE Study Circle 27
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Page 31 and 32: Issues before the Tribunal • Whet
Page 33 and 34: Contentions of the assessee • The
Page 35 and 36: Questions ?? August, 2011 CA Sanjee

Issues in Corporate Taxation. - jb nagar cpe study circle of wirc of icai

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