Industrial park deduction under section 80IA(4) upheld where identical facts had already been decided in assessee's favour.

ITAT Chennai followed its coordinate Bench decision in the assessee's own earlier years and upheld deduction under section 80IA(4) for the industrial park undertaking. The Tribunal noted that the statutory scheme, approval and notification of the undertaking, transfer of the undertaking, and treatment of related interest income had already been examined on the same facts, and the Revenue produced no fresh material to justify a different view. Applying the earlier ruling to identical circumstances, the Tribunal rejected the Revenue's challenge and sustained the CIT(A)'s allowance of the deduction.

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Issues: Whether the Revenue was entitled to deny deduction under section 80IA(4) of the Income-tax Act, 1961 in respect of the assessee's industrial park undertaking for the assessment years in question.

Analysis: The appeals concerned an identical controversy already decided in the assessee's own case for earlier assessment years. The Tribunal noted that the coordinate Bench had examined the statutory scheme governing industrial park deduction, the approval and notification of the undertaking, transfer of the undertaking, and the treatment of related interest income, and had upheld the allowance of deduction. No new material was brought by the Revenue to dislodge that position for the years under appeal. In these circumstances, the earlier view on the same facts and legal issue was followed.

Conclusion: The Revenue's challenge to the allowance of deduction under section 80IA(4) failed, and the deduction allowed by the CIT(A) was upheld.

Ratio Decidendi: Where the facts are identical and no contrary material is produced, the Tribunal will follow its coordinate Bench decision on eligibility for deduction under section 80IA(4) for an industrial park undertaking.

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