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2015 (2) TMI 629 - AT - Income TaxEligibility for deduction u/s 80IC - assessee was engaged in manufacturing of plastic products - CIT(A) deleted the disallowance on the basis that the AO did not appreciate the material and evidence furnished by the assessee to differentiate between the raw material and the articles or things manufactured by the unit in an industrial area - Held that:- After going through the provisions laid down u/s 80IC of the I.T. Act, schedule 13 serial No. 20 of the I.T. Act as well as the stated notifications dated 18.5.95 and 10.6.2003 issued by Central Excise Department reproduced in the first appellate order, we do not find any reason to interfere with the above findings and observations of the Ld. CIT(A). As decided in assessee's own case reported in [2013 (3) TMI 36 - DELHI HIGH COURT] a reasonable interpretation of the provisions of section 80-IC(2) read with serial No. 20 of the 13th schedule of the said Act read with the first schedule to the Central Excise Tariff Act, 1985, it would be clear that the petitioner’s product does not fall within the negative list and therefore the petitioner had rightly claimed deduction under section 80-IC of the said Act which the assessing officer in the years in which the assessment had been completed under section 143(3) had allowed after examining the necessary evidence - Decided in favour of assessee.
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