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2018 (10) TMI 1129 - HC - Income TaxClaim of deduction @100% u/s 80IC - initial assessment year - restriction on more than one initial assessment year - Held that:- The matter is no longer res integra. The issue has already been decided against the assessee in a judgment M/S ADMAC FORMULATIONS VERSUS COMMISSIONER OF INCOME TAX, PANCHKULA [2018 (10) TMI 1001 - PUNJAB AND HARYANA HIGH COURT] as referring decision in Commissioner of Income Tax vs. M/s Classic Binding Industries [2018 (8) TMI 1209 - SUPREME COURT OF INDIA] dealing with the issue whether the assessee who had availed deductions at the rate of 100% for first five years on the ground that they had set up a manufacturing unit as prescribed under sub section (2) of Section 80IC of the Act can start claiming deduction at the rate of 100% again for the next five years as they had undertaken substantial expansion during the period mentioned in sub section (2) thereof. The answer was given in the negative. The matter is no longer res integra. - decided in favour of revenue.
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