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2013 (5) TMI 496 - AT - Income TaxDeduction u/s. 80IB - CIT(A) allowed the claim - Held that:- As decided in assessee's earlier year cases [2010 (7) TMI 831 - ITAT AHMEDABAD] wherein held that there was no evidence with the A.O. through which it could be demonstrated that the machinery was transferred from old unit to new unit. There was no iota of evidence to say that it was a case of "splitting up of the old business. The old unit was closed down way back in the year 1998 and the new unit had come up in the year 2002 and an entirely new building was constructed with the deployment of new technology to manufacture new type of telephone instrument. The assessee has successfully demonstrated that the new unit was set up with the substantial investment in plant and machinery. On account of these facts no force in the grounds of the Revenue, hence dismissed. Against revenue. Addition on account of additional income made during the course of survey proceedings U/s. 133A - deduction u/s 80IB disallowed - Held that:- A specific question was asked to the assessee with respect to the investments in reply to which the assessee has given the break-up of expenditure under various heads namely furniture, repairing and renovation of factory premises and external shed. The assessee vide his retraction has only retracted its answers to question No.23 and 26 & has not retracted the answers given to all the other questions and thus has made retraction on selective basis. Further nothing has been brought on record by the assessee to substantiate its stand as to how it was prevented in making retraction immediately after survey & the retraction was made after a gap of almost 5 months. The assessee vide its answer to question No.26 has stated the source of investments to be unaccounted income other than his business income. Further since the income is not derived from the business as submitted by assessee the assessee is not entitled to deduction u/s. 80IB on the same. Against assessee.
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