2023 (7) TMI 698

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....STICE PRASHANT KUMAR MISHRA For the Petitioner : Mr. Abhinav Jain, Adv. Mr. Rajeev Singh, AOR Mr. Tarun Gupta, AOR Mr. Anmol Mishra, Adv. Mr. Abhishek Sharma, Adv. Mr. Atul Kumar, Adv. Mr. Yatinder Chaudhary, Adv. Mr. Manoj Rajpoot, Adv. Mr. Vikrant, Adv. For the Respondent : Mr. Balbir Singh, A.S.G. Mr. Raj Bahadur Yadav, AOR Mr. Shashank Bajpai, Adv. Mr. H R Rao, Adv. Ms. Nisha Bagchi, Adv....

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....as held that the judgment in Classic Binding Industries case had omitted to take note of the definition of "Initial Assessment Year" contained in Section 80-IC of the Income Tax Act, 1961 itself and had instead based its conclusion on the definition contained in Section 80-IB, which did not apply to the case at all. In that view of the matter, this Court held that 100% exemption is permissible in ....