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2019 (3) TMI 13 - HC - Income TaxDeduction u/s 80IC - substantial expansion - initial Assessment Year - claiming deduction at the rate of 100% again for the next five years as had undertaken substantial expansion under Section 80IC - HELD THAT:- Assessee have availed deduction under Section 80-IC alone. Initially, they claimed the deduction on the ground that they had set up their units in the State of Himachal Pradesh and after availing the deduction @ 100% they want continuation of this rate of 100% for the next 5 years also under the same provision on the ground that they have made substantial expansion. As pointed out once the assessee had started claiming deduction under Section 80-IC and the initial Assessment Year has commenced within the aforesaid period of 10 years, there cannot be another initial Assessment Year thereby allowing 100% deduction for the next 5 years also when sub-section (3), in no uncertain terms, provides for deduction @ 25% only for the next 5 years. It may be asserted again that the assessee accept the legal position that they cannot claim deduction of more than 10 years in all under Section 80-IC. See COMMISSIONER OF INCOME TAX VERSUS M/S. CLASSIC BINDING INDUSTRIES [2018 (8) TMI 1209 - SUPREME COURT OF INDIA] - Decided against the assessee
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