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2019 (8) TMI 1200 - ITAT GUWAHATIDeduction claim raised u/s 80IE - initial assessment year - HELD THAT:- The assessee’s very unit’s production of asbestos sheet has been held to be entitled for sec. 80IE deduction itself wherein initial assessment year stand taken as assessment year 2008-09. We are in assessment year 2014-15 wherein the assessee has already succeeded on the issue in assessment years 2012-13 and 2013-14. This clinching finding of the “initial assessment year” involved herein for the purpose of 80IE deduction to be assessment year 2008-09 has attained finality so far the tribunal is concerned. We therefore adopt judicial consistency in these peculiar facts and circumstance. The Revenue’ argument seeking to carve out an exception fails accordingly. Our agreement with the Revenue’s argument regarding initial assessment year 2002-03 in facts of instant case, would lead to an anomaly wherein the asbestos unit’s initial assessment year has been taken as 2008-09 in assessment years 2012-13 and 2014-15 whereas the Revenue seeks to adopt assessment year 2002-03. We go by consistency principle as per hon'ble apex court’s landmark decision in Union of India vs. Azadi Bachao Andolan & Anr. [2003 (10) TMI 5 - SUPREME COURT] and direct the Assessing Officer to treat the assessee as entitled for sec. 80IE deduction in issue. We make it clear before parting that the Revenue’s reliance on sec. 80IE(5) of the Act in seeking to restore the assessee’s deduction claim carries no substance since the latter’s relief nowhere exceeds ten assessment years time span since initial assessment year taken is 2008-09 only. The Revenue’s arguments to this effect are declined. As during the course of hearing is that CIT(A) has directed the Assessing Officer to treat assessee as not entitled for the impugned deduction in corresponding subsequent assessment years as well.We feel that no further adjudication is required on this issue once we have held the assessee as entitled for sec.80IE in the impugned assessment year. The assessee’s corresponding ground is allowed in foregoing terms therefore. Treatment to interest income from bank fixed deposits - HELD THAT:- We find that this very issue regarding interest income derived from fixed deposit account as a pre-condition for letter of credit also stands decided in earlier co ordinate bench’s order accepting the taxpayer’s grievance having regard to hon'ble jurisdictional high court in case of CIT vs. Universal Pipes Pvt. Ltd. . [2012 (12) TMI 603 - GAUHATI HIGH COURT] . We therefore delete the impugned disallowance by adopting judicial consistency herein as well.
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