2021 (12) TMI 454

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..... DR ORDER PER N.K. BILLAIYA, ACCOUNTANT MEMBER: This appeal by the assessee is preferred against the order of the Commissioner of Income Tax [Appeals] - 20, New Delhi dated 30.08.2018 pertaining to Assessment Year 2015-16. 2. The sum and substance of the grievance of the assessee is that the ld. CIT(A) erred in confirming the order of the AO who allowed the claim of deduction u/s 80IC....

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....eration. The Assessing Officer, accordingly, restricted the claim of deduction to 25%. 5. The assessee carried the matter before the ld. CIT(A) but without any success. 6. Before us, the ld counsel for the assessee vehemently stated that it has carried out substantial expansion in the existing manufacturing unit at Baddi in Assessment Year 2012-13 and, therefore, the assessee is eligible for....

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....n leads us to the following conclusions: (a) Judgment dated 20th August, 2018 in Classic Binding Industries case omitted to take note of the definition 'initial assessment year' contained in Section 80-IC itself and instead based its conclusion on the definition contained in Section 80-IB, which does not apply in these cases. The definitions of 'initial assessment year' in....

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....er, in case substantial expansion is carried out as defined in clause (ix) of sub-section (8) of Section 80-IC by such an undertaking or enterprise, within the aforesaid period of 10 years, the said previous year in which the substantial expansion is undertaken would become 'initial assessment year', and from that assessment year the assessee shall been entitled to 100% deductions of the p....