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2014 (3) TMI 935 - HC - Income TaxDeduction u/s 80IB of the Act – Held that:- Section 80IB(2) is applicable only in the case, where there is an Amalgamation or demerger - That does not mean that a transferor of industrial undertaking by any other mode is not entitled to claim deduction u/s 80IB - it would not be correct to say that deduction u/s 80IB is available only where transfer of the unit/industrial undertaking is under the scheme of amalgamation or demerger - the unit/industrial undertaking enjoyed the deduction u/s 80IB from 01.04.1993 till 30.08.2000 i.e., till the unit/industrial undertaking was transferred to the assessee – thus, there is no reason to interfere with the findings of the Tribunal allowing the claim of the assessee – Decided against Revenue. Entitlement for depreciation u/s 32(1) of the Act - Whether the Tribunal was justified in holding that the land and factory building, agreed to be purchased from M/s. Wipro Ltd., which had a right under a lease cum sale agreement, would be entitled to depreciation u/s 32(1) of the Act – Held that:- The assessee got into possession of the unit/industrial undertaking from Wipro by virtue of the Agreement to sale and since then, is in possession thereof in its own right exercising such dominion over the same and have right to use, occupy and to enjoy its usufruct in its own right – the decision in [2000 (12) TMI 4 - SUPREME Court] followed - the Tribunal has rightly allowed the depreciation - it was not possible to reach the conclusion that the assessee had acquired domain over the Mill in question - there is lot of materials placed on record, which indicate that the assessee had acquired dominion over the unit/industrial undertaking on 30.08.2000 – thus, there is no merit in the appeal – Decided against Revenue.
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