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2017 (8) TMI 115 - AT - Income TaxDeduction u/s 80IB - Held that:- For claiming the deduction u/s 80IB of the Act, the assessee has to fulfill the conditions contained in sub-section(2) of the section. These conditions has been enumerated/dealt with by the Ld. Commissioner of Income Tax (Appeal) in the order along with the factum of establishing the factory set-up on Daman. There is uncontroverted finding that new industrial undertaking was formed at Daman by transferring more than 20% of the plant and machinery previously used by the assessee in its industrial premises at Bombay. So far as, the contention of the Revenue that the order of the Tribunal has been challenged before the Hon'ble High Court, is concerned, no contrary decision was brought to our notice, therefore, the order of the Tribunal as on date, stands. The assessee setup the industrial undertaking in industrially backward the state, wherein, certain benefits are extended to the assessee. The operation of Mumbai unit continued during the Financial Year-2003-04 at the normal scale. In the new unit, at Daman, new plant and machinery was installed during the first year of operation and further new additions were made during the Financial Year 2004-05. It is also noted that for Assessment Year 2005-06, the order of the CIT (Appeal) was affirmed by the Tribunal and the appeal of the Revenue was dismissed. Against the said order, the miscellaneous application filed before the Tribunal against the said order was also dismissed. Appeal of the Revenue is dismissed
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