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2023 (7) TMI 698 - SCH - Income TaxExemption u/s 80-IC - Availability of exemption to the appellants herein having regard to the decision of Classic Binding Industries [2018 (8) TMI 1209 - SUPREME COURT] - 100% or 25% - whether Assessees were entitled to 100% exemption and this Court in the case of Aarham Softronics [2019 (2) TMI 1285 - SUPREME COURT] has held that the judgment in Classic Binding Industries case had omitted to take note of the definition of “Initial Assessment Year” contained in Section 80-IC and had instead based its conclusion on the definition contained in Section 80-IB, which did not apply to the case at all? HELD THAT:- We find that the judgment referred to above, squarely applies to the case at hand and therefore, the High Court, which has stated that the substantial questions of law were answered against the Assessees and in favour of the Revenue on the basis of Classic Binding Industries case, will have to be now set aside. Consequently, the Assessees succeed and are entitled to 100% exemption. In this regard, it is relevant to notice that in the case of Tejpal Chaudhary, the Assessing Officer has clearly held that the Assessee was entitled to exemption under Section 80-IC but to the extent of 25% only which is now held to be 100%. The finding that the Assessee was entitled to deduction has attained finality. In so far as the case of M/s. Friends Alloys is concerned, the Revenue has conceded to the fact that the said Assessee is entitled to exemption.
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