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II. Direct Tax Case law:
1. Replika Press (P) Ltd Vs. DCIT, W.P.(C) 7452/2010, Date of Decision 05.08.2013, Delhi High Court
Section : 10B of the I.T. Act, 1961
Whether
setting, printing and binding of pages be considered as production of
book as a new article or thing for the purpose of deduction u/s 10B?
Held : Yes
In the case at
hand, the assessee being a printing press is engaged in the business of
printing of text books claimed deduction u/s 10B, which was disallowed
by the AO by stating that printing and binding of papers does not amount
to manufacturing of an article or thing for deduction u/s 10B. The
Hon’ble High Court, considering the facts of the case that the assessee
was engaged in setting of bare manuscripts, printing and binding which
can be considered as production (if not manufacture) of a new article or
things and, therefore, shall be eligible for deduction u/s 10B and
accordingly, quashed reassessment notice of the AO.
(Please click here for judgment)
2. CIT Vs. Airline Allied Services Ltd, ITA No. 13/2013, Date of Decision 08.08.2013, Delhi High Court
Issue 1:
Whether the
entire grant received by the assessee shall be considered as an income
for the period In which such grant was received?
Held : No
In the case at
hand, the assessee was provided with a grant by the govt. for
improvisation of air connectivity in North- eastern region against which
aircrafts were taken on lease and accordingly, the grant received was
distributed over the lease period of the aircrafts so acquired as
income, which was disallowed by the AO. The Hon’ble High Court
considering the facts of the case that AS- 12 issued by the ICAI has
been followed and no substantial question of law arises, rejected the
contention of the AO.
(Please click here for judgment)
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