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of <h1>Supreme Court India Overturns High Court Rulings</h1> <h3>M/s Adley Formulations Versus Commissioner Of Income Tax, Chandigarh</h3> The Supreme Court of India allowed the appeals and set aside the High Court's judgments based on overruling a previous judgment. - M/s Adley Formulations ... Claim of deduction @100% u/s 80IC - initial assessment year - fresh claim on undertaking substantial expansion from the year of completion of substantial expansion - HELD THAT:- The impugned judgments have relied upon a judgment of this Court in Commissioner of Income Tax vs. M/s Classic Binding Industries, [2018 (8) TMI 1209 - SUPREME COURT] which has since been overruled by our judgment in Pr. Commissioner of Income Tax, Shimla vs M/s Aarham Softronics [2019 (2) TMI 1285 - SUPREME COURT] delivered by a three-Judge Bench on 20.02.2019. Following the aforesaid judgment, we allow the appeals and set aside the impugned judgments of the High Court. The Supreme Court of India, in a judgment by Mr. Rohinton Fali Nariman and Mr. Justice Vineet Saran, allowed the appeals and set aside the impugned judgments of the High Court. The decision was based on the overruling of a previous judgment by the Court.
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