TaxTMI 
TaxTMI 
2022 (6) TMI 645
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.... The assessee is a company stated to be engaged in the business of manufacturing of writing and printing paper. The assessee electronically filed its return of income for the A.Y. 2015-16 on 26.09.2015 declaring total income of Rs.4,40,95,740/-. The case was selected for scrutiny. Thereafter, assessment was framed under section 143(3) vide order dated 29.11.2017 and the total income of the assessee was determined at Rs.30,20,38,530/-. Aggrieved by the order of the A.O, the assessee carried the matter in appeal before the Ld. CIT(A) who vide order dated 31.07.2018 in Appeal No.10212/CIT(A)/HLD/2017-18 allowed the appeal of assessee. 3. Aggrieved by the order of the Ld. CIT(A), the Revenue is now in appeal before the Tribunal by raising th....
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....rlier occasion, the matter was listed for hearing, but, none appeared on behalf of assessee despite the service of notice. On the date of hearing also none appeared on behalf of assessee nor any application for adjournment was filed on behalf of assessee. We, therefore, proceed to dispose of the appeal ex-parte qua the assessee and after hearing the Ld. D.R. and considering the material on record. 5. Before us, at the outset, the Ld. D.R. submitted that that though the Revenue has raised various grounds, but, the sole controversy is with respect to allowing the claim of deduction under section 80IC of the I.T. Act, 1961. 6. During the course of assessment proceedings, the A.O. noticed that assessee had established new unit and had com....
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....at deduction under section 80IC at 100% of profits is allowable for first 05 years and for balance 05 years it is allowable at 25% or 30% of the profits as the case may be. In the case of the assessee, the A.O. noted that it was a new unit which was established during the period 07.01.2003 to 31.03.2012, assessee had commenced commercial production from 16.05.2005 and had claimed A.Y. 2006-07 as the initial assessment year for claim of deduction under section 80IC of the I.T. Act, 1961. According to A.O. the assessee was, therefore, eligible for claiming deduction under section 80IC of the Act for a period of 10 years i.e., at 100% for first 05 years and 30% for balance 05 years. He was of the view that the claim of the assessee that it has....
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....eal before the Tribunal by raising various grounds which has been reproduced in the preceding paragraphs. 8. Before us, the Ld. D.R. supported the order of the A.O. However, the Ld. D.R. fairly submitted that the issue of deduction at 100% in the case of substantial expansion has been decided in favour of the assessee by the Hon'ble Apex Court in the case of PCIT vs., Arham Softtronics [2019] 102 taxmann.com 343 (SC) and the Hon'ble Himachal Pradesh High Court decision in the case of Stovekraft India vs., CIT which has been upheld by the Hon'ble Supreme Court and is reported in [2017] 88 taxmann.com 225 (H.P.). He supported the order of the A.O. 9. We have heard the Ld. D.R. and perused the material available on record. The issue in t....