2018 (9) TMI 1808 - HC - Income Tax

Claim of deduction @100% u/s 80IC - initial assessment year - fresh claim on undertaking substantial expansion from the year of completion of substantial expansion - Held that - As decided in M/S ADMAC FORMULATIONS VERSUS COMMISSIONER OF INCOME TAX, PANCHKULA 2018 (10) TMI 1001 - PUNJAB AND HARYANA HIGH COURT relying on Apex Court in Commissioner of Income Tax vs. M/s Classic Binding Industries 2018 (8) TMI 1209 - SUPREME COURT OF INDIA dealing with the issue whether the assessee who had availed deductions at the rate of 100% for first five years on the ground that they had set up a manufacturing unit as prescribed under sub section (2) of Section 80IC of the Act can start claiming deduction at the rate of 100% again for the next five years as they had undertaken substantial expansion during the period mentioned in sub section (2) thereof. The answer was given in the negative. The matter is no longer res integra. - decided in favour of revenue.

Summary

The High Court of Punjab and Haryana heard the case between M/s Admac Formulations and the Commissioner of Income Tax, Panchkula. The citation for the judgment is 2018 (9) TMI 1808. Ajay Kumar Mittal and Avneesh Jhingan were the judges presiding over the case. Mr. Divya Suri and Mr. Sachin Bhardwaj represented the appellant, while Mr. Yogesh Putney was the Senior Standing Counsel for the respondent. The case was identified as ITA No. 332 of 2015.