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2016 (3) TMI 1341 - ITAT CHANDIGARHRevision u/s 263 - eligibility to claim deduction u/s 80IC in the relevant assessment year @ 100%, after claiming 100% exemption in first five years on the plea that during the year it has undertaken substantial expansion of the undertaking - Held that:- The assessee is required to inform the location of the Industry and column (c) specifically ask the assessee to state whether business is a new business? Column (d) clearly ask the assessee whether existing business has undertaken substantial expansion, therefore, there are two categories of business and substantial expansion is possible only in case of existing business. In our opinion, CIT(A) has correctly adjudicated this issue. In view of the above detailed discussion we hold that the assessee before us i.e. M/s Hycron Electronics [2015 (6) TMI 725 - ITAT CHANDIGARH] is entitled to only 25% of deduction during the present year because the assessee has already availed the period of full deduction @ 100% in the earlier five years i.e. from assessment years 2004-05 to 2008-09. In this background, we find nothing wrong with the order of CIT(A) and we uphold the same. Accordingly, assessee’s appeal is dismissed.
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