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2019 (1) TMI 95 - AT - Income TaxRevision u/s 263 - allowability of deduction u/s. 80IA - Held that:- No occasion for the ld. CIT to exercise jurisdiction u/s. 263. See CONTAINER CORPORATION OF INDIA LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [2012 (5) TMI 260 - DELHI HIGH COURT]. The communication issued on behalf of the Ministry of Commerce and Industry confirming that the ICDs are Inland Ports, fortifies the claim of the respondent herein. Though both the Notification and communication are not binding on CBDT to decide whether ICDs can be termed as Inland Ports within the meaning of Section 80-IA, the appellant herein is unable to put forward any reasonable explanation as to why these notifications and communication should not be relied to hold ICDs as Inland Ports. Unless shown otherwise, it cannot be held that the term 'Inland Ports' is used differently under Section 80-IA. All these facts taken together clear the position beyond any doubt that the ICDs are Inland Ports and subject to the provisions of the Section and deduction can be claimed for the income earned out of these Depots. However, the actual computation is to be made in accordance with the different Notifications issued by the Customs department with regard to different ICDs located at different places. The issue on merits is now squarely covered in favour of the assessee in [2018 (5) TMI 359 - SUPREME COURT OF INDIA]. Accordingly, in view of the aforesaid precedent, we quash this order passed u/s. 263 by the ld. CIT. Assessee’s appeal stands allowed.
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