2019 (7) TMI 879

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....R AJAY TEWARI, J. (Oral) 1. This appeal has been filed by the Revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order of the Income Tax Appellate Tribunal, Chandigarh in ITA No.378/Chd/2017 dated 12.02.2018 for the assessment year 2012-2013. 2. Counsel for the Revenue has very fairly accepted that the issue in this case is squarely covered against it ....

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.... the difference. Therefore, we are of the opinion that the aforesaid judgment does not lay down the correct law. (b) An undertaking or an enterprise which had set up a new unit between 7th January, 2003 and 1st April, 2012 in State of Himachal Pradesh of the nature mentioned in clause (ii) of sub-section (2) of Section 80-IC, would be entitled to deduction at the rate of 100% of the profi....

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....mediately, on the completion of first five years, the assessee would be entitled to 100% deduction again for the next five years. On the other hand, if substantial expansion is undertaken, say, in 8th year by an assessee such an assessee would be entitled to 100% deduction for the first five years, deduction @ 25% of the profits and gains for the next two years and @ 100% again from 8th year as th....