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2022 (6) TMI 1241 - AT - Income TaxAllowability of 100% deduction u/s 80IC after substantial expansion - HELD THAT:- Hon’ble Apex court in the matter of PCIT vs. Aarham Softronics [2019 (2) TMI 1285 - SUPREME COURT]] as held an assessee availing exemption of 100% tax on setting up of a new industry, which is admissible for 5 years, and either on the expiry of 5 years or thereafter (but within 10 years) from the date when these assessees started availing exemption, they carried out substantial expansion of its industry, from that year the assessees become entitled to claim exemption @ 100% again (Classic Binding Industries [2018 (8) TMI 1209 - SUPREME COURT] held not good law and reversed) Hence, keeping in view, the latest judgment of the Hon’ble Supreme Court allowing 100% deduction u/s 80IC on substantial expansion of the unit, the appeals of the assessee are hereby allowed.
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