2025 (5) TMI 630 - SCH - Income Tax

Deduction u/s 80IC - Review petition - claiming the exemption at the same rate of 100% beyond the period of five years on the ground that the assessee has now carried out substantial expansion in its manufacturing unit - units established in certain special category States - units situated in the State of Sikkim Himachal Pradesh and Uttaranchal and North-Eastern States - As decided by SC 2018 (8) TMI 1209 - SUPREME COURT after availing deduction for a period of 5 years @ 100% of such profits and gains from the units the assessees would be entitled to deduction for remaining 5 Assessment Years @ 25% (or 30% where the assessee is a company) as the case may be and not @ 100%. The question of law is thus answered in favour of the Revenue HELD THAT - There is an inordinate delay of 412 days in filing the review petition for which no satisfactory explanation has been furnished and having carefully gone through the petition for review and the papers connected therewith we do not find any ground warranting review of order dated 20-08-2018. The review petition is therefore dismissed on the ground of delay as well as on merits.

Summary

The Supreme Court, through Hon'ble Justices J. B. Pardiwala and R. Mahadevan, dismissed the review petition challenging the order dated 20-08-2018 which had dismissed the petitioner's appeal. The Court noted an "inordinate delay of 412 days" in filing the review petition without a "satisfactory explanation." Upon examination, the Court found "no ground warranting review" and accordingly dismissed the petition both "on the ground of delay as well as on merits." Pending applications were also disposed of.