TMI Blog2018 (1) TMI 1340X X X X Extracts X X X X X X X X Extracts X X X X ..... eal by following the decision of the Karnataka High Court in M/s. Ace Multi Axes Systems Ltd Vs. DCIT (2014 (8) TMI 596 - KARNATAKA HIGH COURT) holding that the deduction under Section 80IB cannot be denied to an assessee who has been granted its benefit in the earlier years of assessment during the span of 10 years when exemption is available thereunder. The learned counsel for the parties very f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome Tax Appellate Tribunal (Tribunal) relates to the Assessment Year 2009-10. 2. The Revenue has urged the following questions of law for our consideration:- 1) Whether in law, and in the facts and circumstances of the case, the Tribunal was correct in holding conditions for qualifying as a small scale industry was to be fulfilled in the initial year alone and not on year to year basis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ataka High Court in the case of M/s. Ace Multi Axes Systems (Supra) has now been reverted by the Apex Court in Deputy Commissioner of Income Tax Vs. ACE Multi Axes Systems Ltd. (2017) 88 taxmann.com 69 (SC) = 400 ITR 141. Thus the condition of Section 80 - 1B of the Act are required to be satisfied on year to year basis. 6. In the above view, the substantial question of law as proposed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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