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Issues involved:
The issue involves the denial of deduction u/s 80IA(4)(iii) of the IT Act by the Assessing Officer (AO) based on the non-fulfillment of conditions prescribed in the Notification issued by the Central Government for claiming the deduction. Summary: Assessment Year 2008-09: The appellant, a partnership firm, constructed an industrial park approved by the Ministry of Commerce, Govt. of India under the Industrial Park Scheme, 2002. The appellant claimed a deduction u/s 80IA(4)(iii) for an amount but the AO disallowed the claim as the area utilized for industrial activities did not meet the prescribed conditions. The CIT (A) allowed the deduction based on the ITAT's decision in the appellant's favor for the assessment year 2007-08. Grounds for Disallowance: 1. The total constructed area was less than the approved area. 2. Sale of a portion of the industrial park area in violation of the Government approval. 3. Utilization of less than 90% of the allocable area for industrial activities. Decision: The ITAT upheld the CIT (A)'s decision, citing the appellant's entitlement to the deduction u/s 80IA(4)(iii) based on the previous year's decision and the non-withdrawal of approval by the Central Government. The facts remained unchanged, leading to the dismissal of the Revenue's appeal. Significant Phrases: - Deduction u/s 80IA(4)(iii) of the IT Act - Industrial Park Scheme, 2002 - Ministry of Commerce, Govt. of India - Central Government approval - Conditions prescribed in the Notification - Disallowance of claim by the AO - CIT (A)'s decision - ITAT's ruling - Identical grounds for disallowance - Non-fulfillment of prescribed conditions - Upholding the appellant's entitlement - Dismissal of the Revenue's appeal
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