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2019 (10) TMI 835 - AT - Income TaxRectification of mistake - allowance of deduction u/s 80IC on substantial expansion undertaken by the assessee - HELD THAT:- The issue in the impugned appeal is covered by the decision of in the case of ‘Pr.CIT, Shimla vs. M/s Aarham Softronics’ [2019 (2) TMI 1285 - SUPREME COURT] wherein, it has been held that even a new undertaking which has claimed deduction of its eligible profits @ 100% thereof for the first five years is entitled to claim deduction @ 100% of its profits thereafter on account of substantial expansion undertaken by it. Since the decision of the Apex court in Classic Binding [2018 (8) TMI 1209 - SUPREME COURT] stands overruled, this in itself constitutes a mistake apparent from record. A binding decision is always retrospective and the decision overruled was never the law of the land. When a court decides a matter it only interprets law and applies it to the facts of the case. If the interpretation of law is found to be contrary in the light of judicial pronouncement rendered subsequently, it discloses a mistake apparent from record. Hence, a mistake apparent on record has occurred in the order [ 2018 (12) TMI 193 - ITAT CHANDIGARH] of this Tribunal. Hence, this is a fit case for recalling the said common order and for fresh hearing, which we hereby do.
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