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2020 (5) TMI 51 - AT - Income TaxDeduction u/s 80IC - assessee did not file the Form No. 10CCB - assessee firm derives income from manufacturing of Electrical lamps - HELD THAT:- Provision for submission of audit report along with return are not mandatory and that the audit report can be entertained during the assessment proceedings . Issue is covered in favour of the assessee by the aforesaid decision of the Hon'ble jurisdictional High Court in ‘CIT vs Punjab Financial Corporation’ 2001 (12) TMI 50 - PUNJAB AND HARYANA HIGH COURT]. Considering the facts of the case, the issue is decided in favour of the assessee accordingly. Deduction u/s 80IC - @25% as against 100% claimed by the assessee on account of substantial expansion of the Unit - HELD THAT:- Hon'ble Apex Court in the case of M/s Aarham Softronics [2019 (2) TMI 1285 - SUPREME COURT] and find that the Hon'ble Apex Court dealt with the entire scheme of the Act relating to the relevant section i.e. section 80IC of the Act, and arrived at the conclusion that the definition of the initial assessment year contained in clause (v) of sub-section(8) of section 80IC of the Act can lead to a situation where there can be more than one initial assessment year within the said period of ten years Since in the present case the fact that the assessee had undertaken substantial expansion is not disputed, the assessee, we hold, is entitled to claim deduction @ 100% of its eligible profits for five years from the initial year of substantial expansion even though the assessee has already claimed deduction of the profits at the rate of 100% for first five years subject to the condition that the total period of deduction u/s 80IC will not exceed 10 years from the initial year of commencement of unit - Thus, this issue is decided in favour of the assessee.
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