2009 (3) TMI 511

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.... respondents. Judgment: Both the writ petitions having raised common questions of law were heard together and are being disposed of by this common order. 2. We have heard Dr. A. K. Saraf, learned senior counsel for the petitioners in both the cases and Shri U. Bhuyan, learned standing counsel, Income-tax Department. 3. The challenge in the writ petitions is against the notices issued b....

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....od of five years. According to the petitioners, their units are entitled to the aforesaid deductions. The petitioners further contend that section 115JB of the Act which seeks to impose tax at the rate of 7.5 per cent. of the book profit of an industrial unit like the petitioners which are situated in a notified industrially backward area is illegal and unconstitutional as it seeks to override the....

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....gorical averments made in the writ petitions that had it not been for the aforesaid promise of tax exemption conferred by section 80-IB made with a view to foster industrial growth in the North-Eastern region, the petitioners would not have set up their industrial units. As the promise contained in section 80-IB has been sought to be breached by the introduction of section 115JB the Act, the petit....

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....dule to the Constitution and the same does not transgress the fundamental rights guaranteed by Part III of the Constitution. A reading of the provisions of sections 80-IB, 115JA and 115JB of the Act make it amply clear that initially the benefit of deduction was contemplated by section 80-IB(4) and (5) and clause (v) to Explanation contained in section 115JA(2). By enacting the provisions of secti....