TMI Blog2021 (12) TMI 454X X X X Extracts X X X X X X X X Extracts X X X X ..... . - ITA No. 7163/DEL/2018 - - - Dated:- 3-12-2021 - Ms. Diva Singh Judicial Member, And Shri N.K. Billaiya, Accountant Member For the Assessee : Shri KVSR Krishna, Adv For the Department : Shri Umesh Takyar, Sr. DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] 20, Ne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ceedings, the AO noticed that the assessee was eligible for deduction u/s 80IC of the Act from A.Y 2009 10 @ 100% and the assessee has exhausted its claim of 100% deduction in Assessment Year 2015 16, which is the year under consideration. The Assessing Officer, accordingly, restricted the claim of deduction to 25%. 5. The assessee carried the matter before the ld. CIT(A) but without any succes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pinion, the impugned quarrel has now been settled by the Hon'ble Supreme Court in the case of Arham Softronics [supra]. The relevant findings of the Hon'ble Supreme Court read as under: 24. The aforesaid discussion leads us to the following conclusions: (a) Judgment dated 20th August, 2018 in Classic Binding Industries case omitted to take note of the definition 'initial asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sment years commencing with the 'initial assessment year'. For the next five years, the admissible deduction would be 25% (or 30% where the assessee is a company) of the profits and gains. (c) However, in case substantial expansion is carried out as defined in clause (ix) of sub-section (8) of Section 80-IC by such an undertaking or enterprise, within the aforesaid period of 10 years, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitial assessment year' once again. However, this 100% deduction would be for remaining three years, i.e., 8th, 9th and 10th assessment years. 25. In view of the aforesaid, we affirm the judgment of the High Court on this issue and dismiss all these appeals of the Revenue. Likewise, appeals filed by the assessees are hereby allowed. 10. Respectfully following the decision of the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X
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