2014 (7) TMI 872

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.... law and particularly the allowability of deduction under section 80I on the income from expansion of dispersant unit. 3. Mr. Malhotra submits that the assessee is engaged in the business of manufacturing of chemical additives. A return of income was filed on 29th November, 2000 declaring income of Rs. 55,29,06,980/-. The assessment was completed on 31st January, 2003, in which the total income after making various addition and disallowance was computed at Rs. 60,78,01,010/-. The claim of the assessee for deduction under section 80I of Rs. 2,73,42,967/- was disallowed. 4. That is how the assessment order was challenged before the Commissioner of Income Tax (Appeals) and which appeal was dismissed by the Commissioner on 13th February, ....

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....s that the Tribunal has rightly applied the ratio in the aforementioned judgments and deleted the addition. The deduction was rightly allowed and once the Tribunal held that for the assessment year 1991-92 the deduction was claimed, then, unless the deduction is withdrawn or rejected, it could not have been denied later. That is how the section 10A and the judgments relied upon would read. 7. Mr. Jasani, therefore, submits that the appeal does not give rise to any substantial question of law as the point is fully covered in favour of the assessee and against the revenue. 8. We have with the assistance of the counsel perused the order of the Tribunal. The Tribunal held that the controversy pertains to the 4th stage of expansion of the ....