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2019 (2) TMI 56 - PUNJAB AND HARYANA HIGH COURTRevision u/s 263 - Deduction u/s 80IC - Held that:- In the present case, the claim of the assessee for 100% deduction under Section 80IC of the Act after the expiry of initial five years from assessment year 2006-07 when the commercial activities in the firm M/s M&A Industries were started, whereas substantial expansion was carried out during the period relating to assessment year 2011-12 was not admissible. AO had not expressed any view in that behalf as is discernible from the assessment order. Tribunal in the case of M/s Hycron Electronics’s case [2015 (6) TMI 725 - ITAT CHANDIGARH] had also held similar issue against the assessee. No doubt, the Himachal Pradesh High Court did express contrary view in appeal against the said decision of the Tribunal which was reversed by the Apex court in Commissioner of Income Tax Vs. M/s Classic Binding Industries [2018 (8) TMI 1209 - SUPREME COURT OF INDIA]. Thus, contention of the assessee that where two views are possible, recourse to proceedings under Section 263 of the Act is unwarranted, does not come to his rescue in the present factual matrix as noticed hereinbefore. Claim of 100% deduction under Section 80IC for the assessment year 2011-12 when the industrial unit had been set up in the financial year 2005-06 relating to assessment year 2006-07, it could not be disputed that the matter is no longer res integra and is concluded by the decision of the Apex court in Classic Binding Industries’case [2018 (8) TMI 1209 - SUPREME COURT OF INDIA] against the assessee and in favour of the revenue.
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