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2023 (4) TMI 893 - AT - Income TaxReopening of assessment u/s 147 - Addition u/s 80IC - assessee has not maintained separate accounts for the purpose of calculating the profits of the units for which deduction under section 80IC of the Act was claimed and the assessee had not furnished Form 10CCB at the time of original assessment - assessee’s case is that he has been allowed deduction under section 80IC in all the previous and subsequent years and the facts of the year under consideration are identical to all these years. The predecessor AO had allowed the impugned deduction only after verifying the facts from Form 10CCB - HELD THAT:- From the direction u/s 144A issued by the Ld. Addl. CIT Range-7 New Delhi, it is observed that he perused the assessment record and recorded the finding after seeing the material in the Schedule filed that heads are bifurcated in three units i.e. unit 1, 2 and 3 which shows that the assessee has maintained/furnished three separate accounts for the purpose of calculating the profits and deduction thereon. ACIT further noted that even during re-assessment proceedings the assessee submitted Form 10CCB alongwith letter dated 15.10.2018 and audited unit-wise final accounts. If that be so, the assessee’s case is fully covered in favour of the assessee by the decision of the Hon’ble Supreme Court in CIT vs. G.M. Knitting Industries (P) Ltd [2015 (11) TMI 397 - SC ORDER] as also by the decision of the Hon’ble Delhi High Court in CIT vs. Centimeters Electricals Pvt. Ltd. [2008 (12) TMI 4 - HIGH COURT DELHI] Decided against revenue.
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