INDIAN ADDITIVES LTD EXPRESS HIGHWAY MANALI Vs. DEPUTY COMMISSIONER OF INCOME TAX COMPANY CIRCLE II 3

JUDGEMENT

(1.) The scope of application of Section 80IB of the Income-tax Act, 1961 (hereinafter referred to as the Act) is the subject matter in this appeal.

(2.) The appellant/assessee is a joint venture company of Chevron Multinational Corporation and Chennai Petroleum Products and they are involved in manufacture of additives and selling of additives on commission basis. The assessee company has filed its return of income on 29.11.2000, declaring a total income of Rs.6,10,33,466/=. During the course of scrutiny, it was found that the assessee claimed Rs.2,61,57,200/= towards deduction under Section 80-IB of the Act under the head 'deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings'.

(3.) The assessee has claimed the benefit of Section 80IB under the following heads: <FRM>JUDGEMENT_5510_TLMAD0_2011_1.html</FRM>