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2015 (2) TMI 1031 - AT - Income TaxDeduction u/s 80IB - AO has disallowed claim on the premise that the assessee was qualified to get deduction u/s.80IB only in AY 2003-04 and not in AY 2002-03 i.e. the FY 2001-02 - CIT(A) allowed the deduction accepting that the old unit engaged in production since F.Y. 2000-01 - Held that:- Assessing officer was not correct in denying claim of deduction u/s. 80IB(3) to the appellant merely because the trade license for the new premise and provisional registration by Directorate of Cottage & Small Scale Industries of state Government was after 01.04.2002, when there was clear evidence before him that the appellant was engaged in manufacturing activity from FY 2000-01 onwards. Here is no dispute that the appellant satisfies all other eligibility conditions prescribed u/s. 80IB. The assessee has been allowed deduction u/s 80IB of the Act for and from AY 2004-05 to 2008-09 and now in AY 2009-10 the claim is declined. For the sake of consistency the claim of deduction u/s. 80IB of the Act cannot be disallowed. Therefore, the assessing officer was correctly directed to allow deduction u/s. 80IB(3) of I.T. Act, 1961, as computed in accordance with the provisions of law after going through the audit report and other relevant material. - Decided in favour of assessee.
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