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2019 (4) TMI 1367 - AT - Income TaxEntitled for section 80IC deduction from pan masala manufacturing - Revenue has not filed its appeal after annexing form no. 35 and statement of facts. His further case is that section 80IC deduction issue does not emanate from the Revenue’s grounds - HELD THAT:- We find no merit in this technical objection as both form no. 35 as well as statement of facts form part of record before us in the instant case file. It further transpires that the above stated grounds sufficiently seek to revive the Assessing Officer’s action disallowing assessee’s section 80IC deduction claim relating to pan masala manufacturing. We therefore adopt judicial consistency to revive the impugned section 80IC disallowance under this said particular in tune with the learned co-ordinate bench’s decision. The Revenue succeeds in its grievance to this extent. The assessee had also claimed u/s 80IC deduction from profits derived from sale of 7190 wrist watches. D/R fails to dispute during the course of hearing that the Revenue’s statement of facts in the instant case file makes it clear that the said watches formed part of assessee’s brought forward stock worth ₹ 3,55,72,579/-. It therefore emerges that the assessee had very well manufactured the said wrist watches in the eligible undertaking only in earlier assessment years and derived profits from sale in the impugned assessment year. Revenue’s grievance regarding the assessee’s deduction claim relating to this latter issue of wrist watches. Direct the Assessing Officer to finalise consequential computation of assessee’s claim u/s 80IC deduction disallowance only to the tune of the amount relating to the former issue of pan masala manufacturing as per law.
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